Dealing With Banks...

I won't bore you guys with all the silly details, but my husband and I have been trying to rollover two 401k's into a traditional IRA account at a bank.
We started out at a bank in town where I have a checking account. Two hours of listening to a 'financial specialist' babbling about investments, while I just kept asking, 'Can we please get on with it??' Fruitless calls to the two 401k companies, and not much else.
We finally were asked to come back the following week, at which time we would obtain our account number and go from there. But the following week this 'specialist' still had not opened an account for us, citing 'computer problems'. We left.
On to the next bank, who stated they could not open an account until they had a physical check. We left.
The next bank kept us for another two hours, more paperwork, more fruitless calls to the 401k companies, whereupon I asked for the account number and was told to apply online myself for the funds to be rolled over. The specialist told me to call him and he would go through with me, step by step, the process. When I called him the next day and told him the step I was puzzled about, he said, 'I don't know what to tell you.' I hung up.
Now we are onto another bank, who state that they complete the paperwork themselves and send it to the 401k companies requesting the funds to be sent to the bank account. This is the first bank who actually does the processing themselves!
I am not sure if it is laziness, total lack of concern, or just today's attitude of 'I get paid today no matter what I do or don't do', but something is definitely odd - and these are young, and (I would assume) college educated people. I am really shocked and not pleased.
I thought in today's climate, that banks would be more than happy to accommodate those trying to open an account?

I'm pretty sure everyone is going to soon discover they have no 401k. It's all make believe money that never has to be paid out. Then the financial collapse comes followed by societal collapse and maybe another scamdemic thrown in.

At some point the gubmint rolls out CDBCs and with UBI for everyone who is financially desperate. The only catches are social credit, digital ID and mandatory vaccines.

At least this is the scenario that seems most likely to me at some point within the decade.

a reply to: RonnieJersey

I expect more and more people are going to be experiencing issues such as yours in the near future.
"Something wicked this way comes".

I told my brother to get out of that crap once Biden was elected.

a reply to: RonnieJersey

I feel for ya!

My husband's employer was bought out by another company. We had to transfer the 401k from the previous employer's provider to the new employer's provider, and no one seemed to know what they were doing. First, the old provider sent us a check for the full amount. I knew that wasn't right. So that check had to be returned, and the process begun again. It took nine months in the end for the amount to be transferred.

Have you looked at the 401k provider's website for distribution instructions? They may have forms you can/need to print, fill out and return.

Good luck!

a reply to: RonnieJersey

I had a state government-backed 457 deferred compensation account that I rolled over into a Roth IRA upon retirement. All paperwork done through my credit union.

This was 3 years ago, but as I recall, it only took one 30 minute visit to set everything up.

Took about a week for the funds to transfer to my CU Roth account from the 457 administrator.

I once got my check cashed at the drive up . The nice lady put the envelope in the drawer and I took it out and pulled up to verify the amount . There was an extra $20 dollar bill in there . I then went around and got back in line. I told the teller what had happened , and I was returning the extra . The teller thought about it , then called someone else to the window . "You can't do that here, you have to go into the bank."
Long story short , 2 hours to return that $20 .

Absolute true story .

originally posted by: Mantiss2021
a reply to: RonnieJersey

I had a state government-backed 457 deferred compensation account that I rolled over into a Roth IRA upon retirement. All paperwork done through my credit union.

This was 3 years ago, but as I recall, it only took one 30 minute visit to set everything up.

Took about a week for the funds to transfer to my CU Roth account from the 457 administrator.

How things have changed!
Can it be because of the change in administration?

originally posted by: Boadicea
a reply to: RonnieJersey

I feel for ya!

My husband's employer was bought out by another company. We had to transfer the 401k from the previous employer's provider to the new employer's provider, and no one seemed to know what they were doing. First, the old provider sent us a check for the full amount. I knew that wasn't right. So that check had to be returned, and the process begun again. It took nine months in the end for the amount to be transferred.

Have you looked at the 401k provider's website for distribution instructions? They may have forms you can/need to print, fill out and return.

Good luck!

Yes, been online over and over - it's a nightmare process, with details that I cannot even begin to tell you.
And as I mentioned in my post above, the 'specialist' didn't know what to tell me, so I gave up yet again, and we are onto a bank that fills out all the paperwork for you.
My feeling is that, these banks are charging us for all this - so let them do the transactions!
But not one of them seems to understand what they are doing, as you said.

originally posted by: musicismagic
I told my brother to get out of that crap once Biden was elected.

Exactly - our accountant told us to get that money rolled over now, because of the stock market situation - if Trump was in, I would leave it there!

I'm suprised you couldn't open up an IRA without a check. What you could do in that situation is confirm if an IRA could be opened at your chosen financial institution(bank, credit union ect..). Confirm if it's going ot be a Roth or Traditional IRA and also know what type of money is within your 401k (whether its roth and/or non-roth funds).
Then call the company that manages your 401k and request a rollover to the chosen financial institution. They can usually just mail you a check and sometimes will offer the option to send it directly to the bank or wherever.

Usually its just a phone call to issue your funds as a rollover to an IRA. Then just hand over the check to your financial insitution and either create a new IRA or transfer to existing one (if possible).

Many times, people at banks or other insitutions get a bonus or some sort of kudos for opening up an IRA and rolling over funds. So im suprised if people were relectant to help.

There's plenty of insitutions that offer IRAs and can even be done over a phone call. Sometimes when going to a bank its better to speak to a manager or someone higher up, as many times the lower-level tellers don't have training to open IRAs. And avoid those "financial advisors" that want to talk you into some sort of service for an hour.

a reply to: RonnieJersey

My hubby has been trying to get his 401 funds out and into an IRA at our local credit union for over a month now.

He's getting a mega runaround, and the process to withdraw his funds changes every time he talks to them. Even the bank manager is getting the same runaround from them.

It sure is frustrating!

originally posted by: RonnieJersey
I won't bore you guys with all the silly details, but my husband and I have been trying to rollover two 401k's into a traditional IRA account at a bank.
We started out at a bank in town where I have a checking account. Two hours of listening to a 'financial specialist' babbling about investments, while I just kept asking, 'Can we please get on with it??' Fruitless calls to the two 401k companies, and not much else.
We finally were asked to come back the following week, at which time we would obtain our account number and go from there. But the following week this 'specialist' still had not opened an account for us, citing 'computer problems'. We left.
On to the next bank, who stated they could not open an account until they had a physical check. We left.
The next bank kept us for another two hours, more paperwork, more fruitless calls to the 401k companies, whereupon I asked for the account number and was told to apply online myself for the funds to be rolled over. The specialist told me to call him and he would go through with me, step by step, the process. When I called him the next day and told him the step I was puzzled about, he said, 'I don't know what to tell you.' I hung up.
Now we are onto another bank, who state that they complete the paperwork themselves and send it to the 401k companies requesting the funds to be sent to the bank account. This is the first bank who actually does the processing themselves!
I am not sure if it is laziness, total lack of concern, or just today's attitude of 'I get paid today no matter what I do or don't do', but something is definitely odd - and these are young, and (I would assume) college educated people. I am really shocked and not pleased.
I thought in today's climate, that banks would be more than happy to accommodate those trying to open an account?

Possibly, as in maybe, the issue is the upgrade to the new banking digital system, which for some reason the banks across the world started doing the last week in March. Not saying it is, but this might not be allowing new accounts to open freely as people, banking morons, begin to implement the changes. Example

Or, it could be part of the continued meltdown caused by people being mostly programmed robots unable to think, or even given the ability to think.

a reply to: Klassified

I have read a few blogs where people in Britain are trying to withdraw cash and had to resort to taking it out on the daily limit from the cash machines, they are definitely up to something. Fractional reserve banking is a ripoff. They seem to be having trouble with the Friday dumping of the price of silver. They could only crash the paper price by a dollar. When they find out that Comex hasn't any silver, and has been playing a paper game. I could imagine this will shake things up. The paper price for a Maple is around 25 an ounce, it's about fifty from the online bullion dealers. Demand is outstripping supply.

originally posted by: nugget1
a reply to: RonnieJersey

My hubby has been trying to get his 401 funds out and into an IRA at our local credit union for over a month now.

He's getting a mega runaround, and the process to withdraw his funds changes every time he talks to them. Even the bank manager is getting the same runaround from them.

It sure is frustrating!

Thank You! Now I know I'm not the only one going through this, and the lack of any concern from banking 'professionals' is especially disturbing - they just leave us to it, with no advice whatsoever.

originally posted by: Turquosie
I'm suprised you couldn't open up an IRA without a check. What you could do in that situation is confirm if an IRA could be opened at your chosen financial institution(bank, credit union ect..). Confirm if it's going ot be a Roth or Traditional IRA and also know what type of money is within your 401k (whether its roth and/or non-roth funds).
Then call the company that manages your 401k and request a rollover to the chosen financial institution. They can usually just mail you a check and sometimes will offer the option to send it directly to the bank or wherever.

Usually its just a phone call to issue your funds as a rollover to an IRA. Then just hand over the check to your financial insitution and either create a new IRA or transfer to existing one (if possible).

Many times, people at banks or other insitutions get a bonus or some sort of kudos for opening up an IRA and rolling over funds. So im suprised if people were relectant to help.

There's plenty of insitutions that offer IRAs and can even be done over a phone call. Sometimes when going to a bank its better to speak to a manager or someone higher up, as many times the lower-level tellers don't have training to open IRAs. And avoid those "financial advisors" that want to talk you into some sort of service for an hour.

What do you think we have been trying to do?
It is basically a simple process - open up an account for a Traditional IRA at your local bank, call the 401k company and have a check sent out.
1) The 401k company refuses to handle it by phone.
2) The online process is something from a nightmare, and God forbid you press the wrong selection, you'll be paying taxes up the wazoo!
3) The 401k company states that my husband is still working at the company he left, therefore refuse to send out the entire amount.
4) I had to call his old place of employment and tear my hair out trying to get anyone in Human Resources to even answer a phone, spent an entire afternoon finding someone to contact the 401k company with corrected information.
5) The 401k company refuses to mail out a check without a firm bank account number, many institutions refuse to open an account without a physical check.
And that's just part of it - now do you see what we are up against?
I have the feeling that these 401k companies will do anything possible to stop you getting your hands on your own money - nothing can convince me otherwise.
As for the banks, the employees I have dealt with could care less, I am sorry to say. Which is surprising, it's a large enough sum of money that they should be willing to handle all this paperwork to have it deposited into their bank.

originally posted by: Gothmog
I once got my check cashed at the drive up . The nice lady put the envelope in the drawer and I took it out and pulled up to verify the amount . There was an extra $20 dollar bill in there . I then went around and got back in line. I told the teller what had happened , and I was returning the extra . The teller thought about it , then called someone else to the window . "You can't do that here, you have to go into the bank."
Long story short , 2 hours to return that $20 .

Absolute true story .

LOL - I remember my Mum was given $20 too much from the teller at the bank. She walked back in and was given the third degree by the teller and the manager there, and they acted extremely angry with her.
She was so upset and said, never again!

originally posted by: Gothmog
I once got my check cashed at the drive up . The nice lady put the envelope in the drawer and I took it out and pulled up to verify the amount . There was an extra $20 dollar bill in there . I then went around and got back in line. I told the teller what had happened , and I was returning the extra . The teller thought about it , then called someone else to the window . "You can't do that here, you have to go into the bank."
Long story short , 2 hours to return that $20 .

Absolute true story .

Should have kept it at that point. Your time is worth something to. You shouldn't pay for THEIR mistake ! I know it was a while ago , but still

originally posted by: RonnieJersey

originally posted by: Gothmog
I once got my check cashed at the drive up . The nice lady put the envelope in the drawer and I took it out and pulled up to verify the amount . There was an extra $20 dollar bill in there . I then went around and got back in line. I told the teller what had happened , and I was returning the extra . The teller thought about it , then called someone else to the window . "You can't do that here, you have to go into the bank."
Long story short , 2 hours to return that $20 .

Absolute true story .

LOL - I remember my Mum was given $20 too much from the teller at the bank. She walked back in and was given the third degree by the teller and the manager there, and they acted extremely angry with her.
She was so upset and said, never again!

Yep , they made me feel like I had committed theft .
I told my wife never again and I would consider any extra money from a bank as a "gift from God" .

originally posted by: ancientlight

originally posted by: Gothmog
I once got my check cashed at the drive up . The nice lady put the envelope in the drawer and I took it out and pulled up to verify the amount . There was an extra $20 dollar bill in there . I then went around and got back in line. I told the teller what had happened , and I was returning the extra . The teller thought about it , then called someone else to the window . "You can't do that here, you have to go into the bank."
Long story short , 2 hours to return that $20 .

Absolute true story .

Should have kept it at that point. Your time is worth something to. You shouldn't pay for THEIR mistake ! I know it was a while ago , but still

I am not that type of person .