Originally Posted by REWahoo
Yes. I opened and IRA at PenFed and sent them paperwork to transfer funds from Vanguard, which was done electronically.
I'm doing this today. Talk about waiting until the last moment. I called both Vanguard and PenFed for more info. I'm transferring funds from my Vanguard IRA to a newly opened IRA at PenFed.
Vanguard told me that they need a signed copy of the IRA transfer request. They won't accept a fax'd copy. I'm at the post office right now waiting in line to send them a copy. I'll pay extra for guaranteed two day deliver. Vanguard should have this Thursday.
I fax'd the paperwork to PenFed this morning. I asked if they will receive the funds from Vanguard electronically and they said no. They said that funds transferred between IRAs cannot be done electronically. I don't know if that's true, but that is what they told me.
I figure that Vanguard should send a check to PenFed on Friday and PenFed should have it by Tuesday/Wednesday of next week. Assuming everything goes smoothly.