Bank of America IRA rollover...

[theTerminator]

I've never rolled anything from BoA. I called them to get an overnight address so I could send my company's transfer/direct rollover form to so we could get it processed asap.

The guy on the phone told me that if I sent it the form would sit and never get taken care of, and if I called after a month, it would STILL be sitting.

So what do I have to do? He said I had to have the client call, and transfer money from any funds into a money market account, and from there, request a check.

Per client, they kept him on the phone for over an hour going over all the funds, and asking him why he was moving it, where he was moving it to, and kept trying to get him to keep it with them.

Also, the forms they sent him do not have a box to check as far as "Direct rollover" or "Direct transfer."

Has anybody dealt with them? Is this even ethical? Their reason for making him move the funds into the money market was to protect him from market volitility while in transit. Ok, that's fine, I usually put it out on the table for clients to do that anyway, but to require that the client call and be sold, and require him to move funds beforehand, etc... I didn't know that any company did that.

They also charged him a fee for closing the IRA (75 bucks). Has anybody ever dealt with them? How quick do these guys move?

 

[LGilmore]

Welcome to the world of rollovers..... change the name and pretty much the same story. RARELY and I mean very rarely can you get a rollover to move inside 30 days.

Don't you have to submit your application to your carrier so they can at first attempt the trustee to trustee transfer? Shouldn't you be submitting things to your carrier for suitability? Where are you moving the funds to?

 

[theTerminator]

Welcome to the world of rollovers..... change the name and pretty much the same story. RARELY and I mean very rarely can you get a rollover to move inside 30 days.

Don't you have to submit your application to your carrier so they can at first attempt the trustee to trustee transfer? Shouldn't you be submitting things to your carrier for suitability? Where are you moving the funds to?

Yes, typically you do submit the application and they will send the transfer form. That's the reason I called BoA. To get the address to put on the form, so when I turned it in, they could send it out (Which I did anyway, but the guy told me that wouldn't get the money moved, so the client had to make a call).

Obviously you haven't had a rollover from oppenheimer. Absolute dream. My company overnights the transfer request form to oppenheimer, and upon receipt, they process it within 24 hours (No signature guarantee or notary required). I had money from them within the week.

TSP, aside from needing a notarized sig, was pretty quick to get the money out as well.

I realize all companies are different and have different ways of processing, but this just seemed a little strange. I was thinking with the state of the economy they were looking for ways to hold onto the money and keep clients.

 

[Franz Kafka]

Yes, typically you do submit the application and they will send the transfer form. That's the reason I called BoA. To get the address to put on the form, so when I turned it in, they could send it out (Which I did anyway, but the guy told me that wouldn't get the money moved, so the client had to make a call).

Obviously you haven't had a rollover from oppenheimer. Absolute dream. My company overnights the transfer request form to oppenheimer, and upon receipt, they process it within 24 hours (No signature guarantee or notary required). I had money from them within the week.

TSP, aside from needing a notarized sig, was pretty quick to get the money out as well.

I realize all companies are different and have different ways of processing, but this just seemed a little strange. I was thinking with the state of the economy they were looking for ways to hold onto the money and keep clients.

Some companies are notorious for acting like bitches (Fidelity, ML etc) when it comes to rollover. The quickest way would be for your client to close the account in person, pick up the check and send the exact same amount to the new account within 30 days. JMO

 

[Mr. Bill]

You have to "train" the client as to what will happen. I'm going to pm you.

 

[LGilmore]

"bitches (Fidelity""

My feeling EXACTLY!!!!!!!

.

 

[seadevil]

That is freakin BS! I worked in a bank and had the responsibility of dealing with IRA's at my branch. Granted we were considered a small branch, but if I received a request and it was before cutoff time, I cut the check that day, if after cutoff I would wait until the next day and give the person their one day of interest. As for the fee, more BS, the only time I ever charged a fee if the funds were to be wired, then it was only $15.

The big name banks are a PITA!

If I were your client and had any other accounts with BOA, I would close them and tell them to shove it.

 

[Norwayguy]

I've never rolled anything from BoA. I called them to get an overnight address so I could send my company's transfer/direct rollover form to so we could get it processed asap.

The guy on the phone told me that if I sent it the form would sit and never get taken care of, and if I called after a month, it would STILL be sitting.

So what do I have to do? He said I had to have the client call, and transfer money from any funds into a money market account, and from there, request a check.

Per client, they kept him on the phone for over an hour going over all the funds, and asking him why he was moving it, where he was moving it to, and kept trying to get him to keep it with them.

Also, the forms they sent him do not have a box to check as far as "Direct rollover" or "Direct transfer."

Has anybody dealt with them? Is this even ethical? Their reason for making him move the funds into the money market was to protect him from market volitility while in transit. Ok, that's fine, I usually put it out on the table for clients to do that anyway, but to require that the client call and be sold, and require him to move funds beforehand, etc... I didn't know that any company did that.

They also charged him a fee for closing the IRA (75 bucks). Has anybody ever dealt with them? How quick do these guys move?

Sounds like a Brokerage Account with BOA, I would hit them with a signature guaranteed transfer request form and LOA wait about 5 days after they should recieve it and confrence call then with the client online. I know its a pain but some companies like Fidelity will not accept transfer paperwork...however on the bright side with Fidelity you can have the client call and request to rollover money to a new account on the phone and they will cut the check to the recieving custodian and mail the check to the client...

 

[theTerminator]

You have to "train" the client as to what will happen. I'm going to pm you.

Good info. I can't pm you back because I don't have 20 posts yet, but that's great for future reference. Thank you!
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Had an early appointment about 2 miles from this client (same road), so on my way back to my office, I stopped at this client's POB.

I looked at the form bank of America sent him, and it had nothing for a direct transfer. I'm sure most of you know, if you request a distribution and it goes from institution to client, there is a 20% with holding. Now, the client told them 5x over the phone, that he's doing a direct rollover, and they STILL sent him the wrong form.

So I spoke to 3 people at this place, and it still didn't jive. They sent the same IRA distribution form to us, and I wasn't going to have him submit that. They didn't even know there was going to be a 20% with holding.

I'm glad I stopped in today.

So I called the 800 number myself while I was there and got a guy that had a clue. He said that the transfer form that my company requests is what is used, and he gave me the address where to send the transfer request.

Hmmm, that's not what they told me the other day. They said that he had to liquidate his funds, move them to the money market, and request a check.

Gotta love guys at banks. They get paid 10/hour to study for the series 6, they pass it, and then they try to sell crap and don't know what they're doing.

 

[BiggitySwat]

I've never rolled anything from BoA. I called them to get an overnight address so I could send my company's transfer/direct rollover form to so we could get it processed asap.

The guy on the phone told me that if I sent it the form would sit and never get taken care of, and if I called after a month, it would STILL be sitting.

So what do I have to do? He said I had to have the client call, and transfer money from any funds into a money market account, and from there, request a check.

Per client, they kept him on the phone for over an hour going over all the funds, and asking him why he was moving it, where he was moving it to, and kept trying to get him to keep it with them.

Also, the forms they sent him do not have a box to check as far as "Direct rollover" or "Direct transfer."

Has anybody dealt with them? Is this even ethical? Their reason for making him move the funds into the money market was to protect him from market volitility while in transit. Ok, that's fine, I usually put it out on the table for clients to do that anyway, but to require that the client call and be sold, and require him to move funds beforehand, etc... I didn't know that any company did that.

They also charged him a fee for closing the IRA (75 bucks). Has anybody ever dealt with them? How quick do these guys move?

It's definitely not ethical, but know that they're your competitor and they will try everything they can to keep the client on their books.

Like someone said earlier, if you think they'll pull this crap, get the client to manually close the account and just use the resulting check for your annuity....

That is what you're selling, right?