Roll Over Cash Balance Accounts (Disgusting Vanity!)

self | 12/05/06 | Self

[Little Bill]

I rolled over a small cash balance from a company I worked for to an IRA. They, the Company recieving the money, didn't deposit it to my account.

I talked to the company that held the money and they sent me a copy of the check. I am going to talk to the company that recieved the money, how should I handle it?

[Little Bill]

I just want to be made Whole.

[SamAdams76]

And it shall be. By the powers invested in me, I hereby make you WHOLE! (sound of magic wand)

[Pontiac]

How long has the IRA had the check?

[Pontiac]

And was this an existing IRA or a new account?

[Little Bill]

This should be fun, I was trading in and out of this account and made about 30%. Pontiac: Two years as of today.

[sourcery]

If you cannot resolve the matter yourself, you will need to hire an attorney (who may decide to also get the US District Attorney involved, if there is any basis for filing a criminal complaint.)

Also, check with the IRS to ensure that you won't be deemed to have been given "constructive receipt" of the funds, and hence be charged an early-withdrawal penalty.

[firebrand]

and taxes

[jwh_Denver]

Have you talked to the company that has your IRA? What do they say? Did they receive the check? Often a brokerage firm will hold off on crediting funds to an account until the check clears.

[Little Bill]

For two years, yes I have a copy of the Check. stamped all over and made out to them.

[Pontiac]

Two years as of today.

Well you are not a new account so that eliminates processing a new account.

Since your company sent a physical check rather than an electronic transfer it could be setting in someone’s in-box.

Also any company will withhold crediting your account until the check clears more than two weeks would be excessive.

But you should review your contract to see exactly what the rules are.

But contact them immediately and ask the simple question “Why has my account not been credited with these funds yet?” Be polite and calm.

[Bogeygolfer]

I'm lost by this post. You've spoken with the brokerage firm or bank that received the money and they showed you a copy of the canceled check. If that's the story they'll do an audit or whatever and make you whole....clerical errors happen. They'll probably give you some form of interest for the interim which is relatively reasonable. If on the other hand it went to your former employer you'd have them over a barrel and they should be jumping to make it right. It doesn't strike me as a big deal. You follow up and you will be whole.

[jwh_Denver]

Post 10 is good one. My guess is that either the check was lost and probably is no good anymore (usually company checks have a "cash by date". I'd go to the previous company and ask them if the check was cashed. If not ask them to re-issue a new check, cancelling the old one, and trying again. If the company did cash the check then they are in trouble. They have to account for every penny that comes in. I don't know who to call to get this straightened out. Best to you.