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My new husband has an old Roth IRA in a bank CD and in the past when it has matured he just lets it roll over because he hasn't wanted to deal with it.

Ultimately he would like to transfer that money to his Roth IRA account that he has with a mutual fund company and be able to invest it there, but due to the hassle factor he's just let it go for years. I'd like us to take care of this and get it done.

The CD will roll over on 1/7. It is in a bank is in a state that my husband used to live in, so not someplace we can get to physically.

What is the process for transferring? I understand that a trustee-to-trustee transfer is possible. It would have to be after the CD matures, right? But before any rollover would occur? Where do we start? With the bank? With the mutual fund company where he has his other Roth money?

Is there enough time to accomplish such a thing before the rollover (1/7)? Or can we stop the rollover part and have more time to transfer later? Would a phone call to the bank be enough to stop the rollover?

Thanks in advance for any info!
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No. of Recommendations: 4
The usual procedure is to contact the custodian you want to receive the funds and ask them to arrange the transfer. Usually there is some paperwork to fill out, and they do the rest.

Yes, you want to transfer to occur after the CD expires. It can take several days for the transfer to occur, but your mutual fund company should know how to do it.

If the CD automatically renews and you then cash it in, what are the penalties? Usually it is loss of interest for the quarter. No big deal. But you might want to call the bank and advise that you do not want to let it renew automatically and instead to hold the funds for further instructions.
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