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Moving IRA - any fees?
Old 08-27-2013, 12:26 PM   #1
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Moving IRA - any fees?

If I move either a traditional IRA or Roth IRA from one mutual fund family to another, are there any fees or anything I need to know? I know if you convert a traditional IRA to a Roth IRA, you pay a tax penalty, but what about just moving without changing the type of IRA?

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Old 08-27-2013, 02:09 PM   #2
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I think when you do a TIRA to Roth conversion, technically you pay a tax, not a penalty.
When you move TIRA to TIRA (or Roth to Roth) , there should not be any taxes due if the transfer/rollover is done correctly. However , it is not uncommon, for funds/banks/brokers to charge a fee for closing an account or making a transfer or cutting a check to someone else..............all to cure you of the incentive of leaving them in whole or in you would do best to ask the company you are leaving what their policy is.

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Old 08-27-2013, 05:11 PM   #3
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There might be fees when moving from one mutual fund family to another. For example, you may have funds with contingent-deferred sales charges (CDSC) or you may have funds with frequent trading fees. The financial institution may have a charge to move money to another financial institution. Etc.

One way to find out what the fees might be are to ask the place that is currently holding the mutual funds you want to move, "What are the fees?"

Since the places who you might move money to know that it costs you fees to move, they often will give you a rebate or bonus or free trades to move to them. For example, TDAmeritrade will pay some folks $1,000 if they move enough money to them.
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