Skip to main content
No. of Recommendations: 1
Neurospouse has been retired 5 years or so and has a nice 401K balance and profit sharing account.
We are looking to roll it into accounts at my broker (where she already has an IRA and Roth).
The 401K administrator has told her we need to provide them exactly how my broker wants the check to be made out. They said they would then mail us the check and we would have to send it to the broker.

Is this normal?
Why would it require a physical check?

I don't recall physical checks being used when I moved my own 401K 7 years ago, nor in her previous small rollover 20 years ago.

It would seem to me that with the routing number and account number it should be able to move electronically. All she should have to do should be to authorize the transaction.

The whole process can apparently take 2-4 weeks during which time a significant dollar amount is essentially sitting in cash and the transaction time dependent on the mail system.

Not sure why they can't simply convert all to cash at the end of a specific day and electronically send it to an authorized account. Well maybe not same day but a least something like settlement day for the sale of the assets.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.