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Financial Planning / Foolish 401(k)s
|Subject: T Rowe Price hoops||Date: 7/2/2012 10:21 PM|
|Author: rfmjbs||Number: 24907 of 25234|
So, I finally pinned hubby down to rollover 2 401Ks today, one at T Rowe Price and one at Charles Schwab...Charles Schwab took about 10 minutes to ask 6 identifying information questions on the phone, and they are sending the properly labeled check payable to USAA FBO hubby acct#xxxxxxxxx to us tomorrow, to submit to USAA within 60 days with deposit instructions into his existing traditional IRA. Easy. Fast.
I've done this 4 times before for myself with various 401k companies, and the Charles Schwab experience has always been the norm.
Then there's T Rowe Price.
Does this happen with a lot of brokerage firms, or am I just lucky?
T Rowe Price takes 2 calls. It's going to take a week or two. The first time we call specifically saying we want to do a roll over to another institution, USAA, they send us a form that would only let us cash out his 401K complete with penalties....so we call again, and this time I talk to the agent, who offers to again, send us a check in hubby's name with the penalty/withholding to do an indirect roll over on our own.
After I stop rolling my eyes, I ask some very specific questions. It is finally determined they have no direct roll over path without an act of Congress. You can't do it on the phone, you can't do it online, you can't do it by mail. YOU can't do a direct roll over at all. T Rowe Price requires a request form directly from USAA, signed by hubby, returned to USAA with a copy of his latest statement 1st page, and THEN USAA can send direct rollover instructions to T Rowe Price to transfer the funds on USAA letterhead. Heaven forbid T Rowe just write the check out to USAA FBO Hubby and skip 2 weeks of aggravation, NOOOOO.
And the best part is the phone rep trying to make it sound like it's for my protection. They'll send us a check we can cash anywhere right now with just a call, but they won't send us a check we can deposit into a different IRA...
This just irritated the daylights out of me today...maybe I need decaf?
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