topic Re: IRA transfer Fees in Community Chat

IRA transfer Fees

I am still oxox — Mon, 03 Mar 2025 22:13:39 GMT

I am speechless my hubby and I both have a traditional and Roth IRA with a brokerage firm and it is going to cost us $175 per account to move them to another financial institution. I. am appalled and speechless over this and other than not moving them we have no recourse. Whew

Re: IRA transfer Fees

cjm61 — Mon, 03 Mar 2025 22:18:17 GMT

@I am still oxox This is common practice. However, some brokerages may reimburse new customers for transfer fees. You may want to check.

Re: IRA transfer Fees

I am still oxox — Mon, 03 Mar 2025 22:32:58 GMT

@cjm61 wrote:
@I am still oxox This is common practice. However, some brokerages may reimburse new customers for transfer fees. You may want to check.

@cjm61 I spent hours on phone with them and no way will they reverse anything. I think we have been customers for over 20 years

Re: IRA transfer Fees

Q-Checker — Mon, 03 Mar 2025 22:44:32 GMT

I think that the OP is suggesting that the NEW (or next ) financial institution to receive your .IRA 's may reimburse you for your transfer fees.

Re: IRA transfer Fees

Travone — Mon, 03 Mar 2025 22:57:08 GMT

You have to read the fine print

Re: IRA transfer Fees

KailaS — Mon, 03 Mar 2025 23:02:43 GMT

See if the new financial institution will cover some/all of the transfer fees. If not, I am sorry.

Re: IRA transfer Fees

shoesnbags — Mon, 03 Mar 2025 23:31:55 GMT

@I am still oxox

@cjm61 is saying that your new institution might reimburse the fee that your old one is charging you to make the move.

Re: IRA transfer Fees

I am still oxox — Tue, 04 Mar 2025 00:02:19 GMT

@Q-Checker wrote:
I think that the OP is suggesting that the NEW (or next ) financial institution to receive your .IRA 's may reimburse you for your transfer fees.

@Q-Checker I am the OP and there is no where I said that anyone will reimburse us

Re: IRA transfer Fees

I am still oxox — Tue, 04 Mar 2025 00:03:42 GMT

@Travone wrote:
You have to read the fine print

@Travone These accounts are over 20 years old, I dount there was fine print bad then

Re: IRA transfer Fees

I am still oxox — Tue, 04 Mar 2025 00:05:42 GMT

@shoesnbags wrote:
@I am still oxox
@cjm61 is saying that your new institution might reimburse the fee that your old one is charging you to make the move.

@shoesnbags I tried that and they will not

Re: IRA transfer Fees

magicmoodz — Tue, 04 Mar 2025 00:38:42 GMT

@I am still oxox

I change brokerage houses like I change my underwear. Haha! I have never had to pay the transfer fees. The NEW brokerage company is always willing to pick up the fees.

If the NEW company you are dealing with wants your investments bad enough, they will gladly pay the transfer fees.

Re: IRA transfer Fees

AnjalenaQVC — Tue, 04 Mar 2025 00:18:41 GMT

This post has been removed by QVC because it is a political topic

Re: IRA transfer Fees

I am still oxox — Tue, 04 Mar 2025 00:32:44 GMT

@magicmoodz wrote:
@I am still oxox

I change brokerage houses like I change my underwear. Haha! I have never had to pay the tranfer fees. The NEW brokerage company is always willing to pick up the fees.

If the NEW company you are dealing with wants your investments bad enough, they will gladly pay the transfer fees.

@magicmoodz They are not calling them transfer fees, its something like closing fees or some such nonsense

Re: IRA transfer Fees

magicmoodz — Tue, 04 Mar 2025 00:42:06 GMT

@I am still oxox wrote:
@magicmoodz wrote:
@I am still oxox

I change brokerage houses like I change my underwear. Haha! I have never had to pay the tranfer fees. The NEW brokerage company is always willing to pick up the fees.

If the NEW company you are dealing with wants your investments bad enough, they will gladly pay the transfer fees.
@magicmoodz They are not calling them transfer fees, its something like closing fees or some such nonsense

@I am still oxox

I think it is the same thing. The OLD company is charging you a fee to close your account which in my experience has always been paid by the NEW company.

Re: IRA transfer Fees

Q-Checker — Tue, 04 Mar 2025 00:51:57 GMT

@I am still oxox- I thought it was clear that I was not referring to you but to the only poster who had responded to you (@cmj61) at the time of my post. It is a common, although not universal, practice to charge a transfer fee. I do not know why you spent an hour on the phone to challenge the policy of the financial institution. It is what it is - unless there is a change in policy for everyone, not just you. And fine print has always existed and likely always will.

Re: IRA transfer Fees

I am still oxox — Tue, 04 Mar 2025 00:48:51 GMT

@Q-Checker wrote:
@I am still oxox- I thought it was clear that I was not referring to you but to the only poster who responded to you (@cmj61) at the time of my post. It is a common practice to charge a transfer fee. I do not know why you spent an hour on the phone to challenge this. It is what it is - unless there is a change in policy for everyone, not just you. And fine print has always existed and likely always will.

@Q-Checker Then why did you tag me I did not spent and hour challenging this I was on hold for at least 45 minutes, these people were rude and really had not clue what they are doing

Re: IRA transfer Fees

layla2450 — Tue, 04 Mar 2025 00:54:32 GMT

@Q-Checker wrote:
@I am still oxox- I thought it was clear that I was not referring to you but to the only poster who had responded to you (@cmj61) at the time of my post. It is a common, although not universal, practice to charge a transfer fee. I do not know why you spent an hour on the phone to challenge the policy of the financial institution. It is what it is - unless there is a change in policy for everyone, not just you. And fine print has always existed and likely always will.

A LOT of people DON'T read the fine print, then complain about fees, etc.

Re: IRA transfer Fees

Sapphiregal — Tue, 04 Mar 2025 00:55:19 GMT

I have never had to pay a transfer fee. I have transferred my IRA 3 times from bank to bank. So, must be a brokerage thing.

Re: IRA transfer Fees

spumoni99 — Tue, 04 Mar 2025 01:16:58 GMT

@I am still oxox wrote:
@Travone wrote:
You have to read the fine print
@Travone These accounts are over 20 years old, I dount there was fine print bad then

@I am still oxox Are you kidding? Fine print has been around way before 20 years ago! I would tell the new institution that I will not bring them my money unless they cover those fees, whatever they are called. That would have been time better spent than disputing with the old institution.

Re: IRA transfer Fees

I am still oxox — Tue, 04 Mar 2025 01:17:56 GMT

@Sapphiregal wrote:
I have never had to pay a transfer fee. I have transferred my IRA 3 times from bank to bank. So, must be a brokerage thing.

@Sapphiregal We did not have a transfer fee when we moved the money into these accounts which was probably close to 15 or more years ago.