Changing Institutions - What are my rights?

[Guest rothnewnow]

I have had a Roth IRA sitting in a bank CD account and it is coming due and I want to move it somewhere else where I have the chance of making better interest in the long term (I'm 37). My CD is coming due at the end of december and they say they have a 10 day grace period before it automatically renews.

Can I just contact another firm to have them setup an account, and have them transfer it after the day it is due? or do I have to go to the bank and get a check and mail it to another firm? how much time does the IRS give you to do this before they start saying PENALTY?!?

Thanks.

[mbozek]

Why dont you do the obvious and contact the new company that you want to transfer your IRA to and ask them these questions. No one on this web site can answer those questions since they are specific to the investment that your chose.