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Old 01-21-2014, 02:03 PM   #21
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Originally Posted by REWahoo View Post
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.
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Old 01-21-2014, 02:27 PM   #22
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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.
That may be accurate but the time between the date Vanguard sent my funds to PenFed and the effective date of my CD was only one business day. My earlier assertion that Vanguard transferred my IRA funds to PenFed electronically was based on the fact my funds left Vanguard on Friday, 12/20 and the effective date of the PenFed CD was Monday, 12/23.

Or since the CD didn't show up online in my PenFed account until Friday 12/27, maybe it wasn't received on the 23rd but simply backdated to that date?
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