Fido delay

[Shredder]

I had a 401K at fidelity, and started the process to roll over into my IRA at Vanguard. The 401 was sold on the 15th and I've yet to see a check. I called them and was told that if I set up an IRA with them they could do it in minutes but since I went with Vanguard they would not send out a check till around the 30th. Thanks a lot FIDO! Kinda glad the market is down while I wait though. I guess I'm real glad to be done with fido.........Shredder

 

[gindie]

Shredder,

One other thing.  You mentined a check to be sent to you.

Will the check from Fido be made out to you or Vanguard?  If it is made out just to you, Fido has to withhold 20% of the amount for taxes (you get it back after tax filing next year). 

The real kicker is that you have to make up that 20% yourself in the Vanguard account or be taxed for a pre-mature distribution.

 

[riskadverse]

It's been my experience that Fidelity is very slow at closing and transfering accouts.  I guess they have no motivation to get rid of your money.  My brother, as executor of my father's trust, had a very hard time closing out a small cash account.  He had to suppy all sorts of documentation concerning his power of attorney and death certificate - and the process was delayed when they refused to accept copies.  Needless to say he was not happy about sending originals, and even though he cautioned them to be very carefull with them (he enclosed them in glassine covers), they very kindly opened them up and stamped their Fidelity recieved date stamp on each.   

 

[unclemick]

I plan to transfer/roll a small 401k from Fidelity to my Vanguard IRA next month - I expect that to be fun - since they love each other so much.

Heh, heh, heh.

 

[cute fuzzy bunny]

I always enjoy a good screen door whack to the ass on my way out of a business.

I have a little news for some of these companies...sometimes customers want to come back. But not after this kind of 'exit treatment'...

 

[Shredder]

Shredder,

One other thing.  You mentined a check to be sent to you.

Will the check from Fido be made out to you or Vanguard?  If it is made out just to you, Fido has to withhold 20% of the amount for taxes (you get it back after tax filing next year). 

The real kicker is that you have to make up that 20% yourself in the Vanguard account or be taxed for a pre-mature distribution.

The check willl be made out to Vanguard Fiduciary Trust with a FBO to my name and will be for the full amount I'm told. They will not send a check to Vanguard, that would be too easy...........Shredder

 

[Shredder]

I had a couple of accounts at Datek then ate up by Ameritrade. They were closed out with little hassel, they did make me get my request certified/noterised or some such thing that I had to go to a bank to get done. Once that stamp was on it, no problemo.........Shredder

Hey double posts! maybe I can catch Johnny!!!!!!!!