My money's in limbo..... Frustrated.

[rodi]

No check. Talked to CSR at Hewitt. He assured me Northern Trust cut a check by last Friday. It has to be 10 *business* days past the close out before they do anything. I'm at day nine and day 7 if you don't count weekends. And then they just cancel the check and send a new one... again with no tracking number. Lovely.

 

[ERD50]

No check. Talked to CSR at Hewitt. He assured me Northern Trust cut a check by last Friday. It has to be 10 *business* days past the close out before they do anything. I'm at day nine and day 7 if you don't count weekends. And then they just cancel the check and send a new one... again with no tracking number. Lovely.

I ran into something similar when I rolled my 401K to a broker. MegaCorp was usually good in this regard, but they screwed up twice, maybe three times. Supposedly just kept getting the wrong address on the package, even though I had them repeat it back to me over the phone.

After escalating to a supervisor, and insisting on a payment for lost interest, it finally got there. That little episode made me glad I pulled my money out.

-ERD50

 

[rodi]

Got the check today. Woo hoo.

 

[JOHNNIE36]

Got the check today. Woo hoo.

Congrats!! Good things come to those who wait. Invest it wisely.

 

[Meadbh]

Glad to hear it has arrived. Now you can move on. The DJIA shot up on Friday, but if you were up here in the (not) frozen north, you would no doubt be happy to invest during a major dip.

I really do not understand how this kind of delay is acceptable in this day and age.

 

[MRG]

I really do not understand how this kind of delay is acceptable in this day and age.

It's called "float", and while it borders on "noncompliance", as long as each participate in the transfer process hits their deadline, all is legal.

There's millions that are made like this every year by institutions, probably all "legal".

There are some transfers that are much more complicated than this one sounds but they are exceptions.

MRG

 

[rodi]

One of my bosses, who applied for rollover the same day, also got his check on Saturday. And coincidentally had also called them up on Friday, not so pleased.

He's convinced they slow marched it to collect interest, as suggested in the previous post.

It seems ridiculous that it would take 3 extra days after the check is cut, to actually get it in the mail.

 

[mickeyd]

Got the check today. Woo hoo.

I got into the game late and was going to suggest that you advise DOL of the delay and get that ball rolling along. But... as long as the check is not made payable to you,all is good.

Here's hoping that the delay/market will not batter you too much...sometime it actually can help.

 

[sn2792]

My 401K was with Fidelity and they also mailed a check to me that was made out to the Brokerage firm I was doing the rollover with. Then I had to fill out a deposit slip and mail the check to TD Ameritrade. It took about 3 or 4 weeks for everything. You would think there would be a better way in this day and age of electronic transfers.

 

[MRG]

There are, the institutions like things the way they are, they make millions on the interest float.

Years ago I was told to review an applications performance, it ran on the same hardware that the application we supported did. The new applications purpose was to ensure as much float could be gained by managing when deposits were put in. Our VP had agreed to this, but the new application was only to use "discretionary" cycles. I informed the VP this new applications was using over 65% of all cycles on the machine(not exactly discretionary).

He asked if I could make it just use cycles that our application didn't require, that's easy I told him and made the configuration changes to support his directive.

The next morning I was called by the VP that was responsible for the new application, he told me that by making their application run slower they had lost over 250K in float that night. I explained who my VP was and maybe they should talk. Within two weeks there was a new server on the floor to support the new application. This was 1 night on a small financial organization, imagine on all financial services organizations.

Point is they all follow SEC regulations, as long as I mailed you the check within 72 hours, I'm in compliance. The rest of the time the monies in the mail, or in the mail room and someone's collecting interest.

MRG

 

[Texas Proud]

There are, the institutions like things the way they are, they make millions on the interest float.

Years ago I was told to review an applications performance, it ran on the same hardware that the application we supported did. The new applications purpose was to ensure as much float could be gained by managing when deposits were put in. Our VP had agreed to this, but the new application was only to use "discretionary" cycles. I informed the VP this new applications was using over 65% of all cycles on the machine(not exactly discretionary).

He asked if I could make it just use cycles that our application didn't require, that's easy I told him and made the configuration changes to support his directive.

The next morning I was called by the VP that was responsible for the new application, he told me that by making their application run slower they had lost over 250K in float that night. I explained who my VP was and maybe they should talk. Within two weeks there was a new server on the floor to support the new application. This was 1 night on a small financial organization, imagine on all financial services organizations.

Point is they all follow SEC regulations, as long as I mailed you the check within 72 hours, I'm in compliance. The rest of the time the monies in the mail, or in the mail room and someone's collecting interest.

MRG

Not only that.... but they use banks that are in out of the way places...

Don't know if this still works, but when I was in the trust dept, they used a bank that was in a small town... only had one 'run' (or whatever you call it) to the fed... so if the check was not presented in time to get on that run, it was not cashed until the next day...


Float today is almost gone compared to years ago... but for the big boys it still is worth it....

 

[scrabbler1]

Got the check today. Woo hoo.

Glad you got your money so you can have it working for you instead of making you nervous.