Community Chat

[I am still oxox]

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@spumoni99 wrote:

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@I am still oxox wrote:

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@Travone wrote:

You have to read the fine print

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

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@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.

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@spumoni99 Thank you I will try that tomorrow 

[CelticCrafter]

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@I am still oxox wrote:

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@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.

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@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

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@I am still oxox So you've been a customer for over 20  years and are taking your money elsewhere.  They should make the transfer to a new institution for free? 

[Etoile308]

Every financial institution I'm aware of has always mailed updates to accounts to inform any changes in policy and fees, and the date they take affect. I suspect it's required by law. 

[I am still oxox]

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@CelticCrafter wrote:

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@I am still oxox wrote:

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@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.

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@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

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So you've been a customer for over 20 and are taking yout money elsewhere.  They should make the transfer to a new institution for free?  

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@CelticCrafter  Of course they should but it is reasons like this we are moving our money elsewhere 

[Teddixat]

@I am still oxox   I can  understand your frustration.  Another example of the consumer being squeezed by corporate America.   You sure take your life into your hands when you post anything here.  There are always those ready to pounce with sarcastic responses.   Good luck with this.  

[I am still oxox]

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@Teddixat wrote:

@I am still oxox   I can  understand your frustration.  Another example of the consumer being squeezed by corporate America.   You sure take your life into your hands when you post anything here.  There are always those ready to pounce with sarcastic responses.   Good luck with this.  

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@Teddixat Thank you so very much 

[AuntG]

A polite request of the new firm should result in them covering the fees, since they've now got you as a customer. Why argue with your old firm?

[I am still oxox]

This saga still has not ended late last week we got a several letters from Wells Fargoone fore each account telling us that the transaction could not be completed, it is now two months since the first paper work was sent to our credit union. Well it turns out to be a MISTAKE and the letter should never of been sent. I finally took care of the matter and asked and received verification that the transfer fee would be removed and to receive a letter of apology. Whew its been a long aggravating road. As much as I wanted to curse them and their grandmother I remained calm cool and collected

[shoekitty]

I think the cost of transferring is standard, although I am not sure of cost. May be for money transferring wiring fees and paperwork,.  Seems like there is always a cost with 401k or IRAS huh?  We paid to have money/ stocks transferred and cashed out to an institution when we retired.  Where we worked did not want to hold our 401ks  more than a couple weeks after we officially clocked out. They hand it to you, there are stocks. Those stocks have to be liquidated to IRA, and of course they add to income the profit. We don't use it, just change it out. But it's even taxable when you move it. The taxes nearly gagged us that year.  Then God forbid you want to use any of the money we are taxed higher again, because of income..on our yearly taxes.   But, always glad we have it.  Just taxed so many times. For us it woukd have been cheaper to just have the money taxed at work, put in CDs or IRA then