Gerbil Wheel
Recycles dryer sheets
- Joined
- May 1, 2010
- Messages
- 83
You can transfer your assets in-kind if you don't want to be out of the market.
Khan,
One of the accounts (I think it was with Domini) required a Medallion guarantee which I was able to obtain from my credit union. My process took several weeks overall and went very smoothly. so far I'm likikng Vanguard and especially having all my Roth in one place. I may move a few non-IRA accounts over there eventually.
I did a load of transfers to Vgd a few years ago. If you "belong" to their flagship category (I forget how much ono deposit that takes) you get a personal mid-level manager or executive assistant type assistant to you.
How are you transfering this fund? If the ira fund is down and you are transferring to vanguard that is high. You might lose some money. Do you have a strategy? Just curious. My mil is in the same predicament as yours.
I started a Vanguard IRA transfer about 2-3 months ago (received all of the required paperwork) and Scottrade requires a Medallion guarantee. I STILL haven't found a financial institution who's willing to give me a Medallion guarantee (I'm currently with USAA...no local branches). Very frustrating to say the least...I guess I'll need to join a local NORCAL bank/credit union who offers it JUST so I can transfer the funds
Lucky for me, the next person to pick up the phone knew that the previous answer was wrong - or at least not in accord with what the IRS required. Rather than transfer me back to the 401(K) shop, he kept us on hold until he got the right answer and then put us all on the line together while we got the explanation and answers we were looking for.Gee Donna, I have a real problem with this. You guys made a distribution that we didn't request, and from what I believe is the wrong account, and now I have to figure out what distributions have to be made from the remaining account. It goes against all the research I did on this at the IRS website and after talking with 6 different CPAs your explanation has me at a loss as to what my next step should be. It would be very helpful if someone could at least point me to an IRS reg or publication that Vanguard claims to be following.
I'm sorry, that's all I can say. Maybe the people at the IRA side of the house can help. Would you like me to transfer you (yet again)?
Call vanguard. If you already have accounts there they can also do it.
One quirk you are likely to run into is the possibility that your current brokerage will require a signature guaranty on the paperwork. Bank trust departments and brokers can do these guarantees, but they are getting harder to get in some areas if you don't have a personal relationship with the bank.
No accounts with Vanguard yet...are you saying that if I open a taxable brokerage account (which shouldn't require a medallion guarantee), they can/will take care of the medallion signature for the IRA?
No accounts with Vanguard yet...are you saying that if I open a taxable brokerage account (which shouldn't require a medallion guarantee), they can/will take care of the medallion signature for the IRA?