When is the prior custodian required to send the money to the new custodian?

[Guest chris4013]

We are giving and taking a case to/from a prior custodian. The other custodian wants our termination fee waived, which we refuse. The custodian then says "well, then I am charging an identical fee to the plan that you are receiving, and we will not send over the conversion money until that fee gets paid". Prior custodian communicated previously to us that the money would be sent over on the 14th.

Does anyone know if there are DOL rules that specify when the custodian should send over the money?

[rlb64]

There is no black and white rule that I know of. They may be entering into a fiduciary breach situation if it's delayed too long. Your black out notice may need to be revised as well.