Holding my IRA funds hostage

ComplaintsBanksFifth Third Bank

Complaint

0
Dave Levin
Country: United States
On March 16, 2009 I asked that my Beneficiary IRA funds be put into an account with my name on it.  Since then, I have not been able to get anyone at the bank to tell me why they will not do this simple thing.  They will not respond to my calls.  I do not know where to go for help.

Comments

  • 0
    tj
    You might try choosing a new custodian and have them transfer your IRA from your old bank custodian.  

    Whatever you do, DO NOT take physical payment yourself out of your IRA account, even to transfer it, as this may trigger taxes and penalties, and withholding to cover them at the time of withdrawal even if you put it back into a new IRA within the required time period.
  • 0
    Dave
    Thanks, TJ.  I am aware of the restrictions with the beneficiary IRA.  I was trying to do a trustee to trustee transfer, but Fifth Third would not give me an account number to allow such a transfer to take place.  

    For some reason, they called me on the same day as your comment posted...I now have an account number and I have initiated the transfer.

    Thanks for your note.
  • 0
    Mikey
    My wife is in the process of a trustee-to-trustee transfer of her IRA from Chase Bank to a credit union. She is told that it will take three weeks and Chase charges $50. She had Chase change her account type before they automatically renewed her CD, or there could have been early withdrawal penalties as well. They get you coming and going.
  • 0
    carla
    We had 2 iras at 53 they never put themin the right place because wewere 100 short for one of them. When we found out over 6months later we initiated to move them had a 75 dolar charge and 100 charge for having them there for a year. 3-4 months later the money is "virtualy lost" 53 never did the transfer... they then took another 100 for them being in for this year we have lost half the money that we started with... where do we go from here, anything would be helpful.
  • 0
    Karol
    They refuse to let my Uncle disclaim his mother's IRA.  They said they'd never seen a disclaimer form before in their life.  Our lawyer talked to their legal department and they flat out refused to do it.  Lawyer said it's not worth fighting them for.  *sigh*

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