Custodian ignores requests to rollover

[Guest gasmac]

The bulk of my IRA assets are at a very large firm that handles university employee retirement accounts. They have ignored repeated requests over the last 10 weeks to make a partial rollover to another IRA, including written transfer requests,certified letters and telephone calls. Obviously I am concerned that they may be stonewalling because they are in some sort of financial difficulty. At this point I want to rollover 100%, or take the entire sum out and deposit with another custodian within 60 days.

What now? What government agencies can I appeal to? SEC? FINRA? IRS? My representatives in Congress?

Advice very much appreciated

[J Simmons]

I've found state agency help usually brings quicker results, such as consumer affairs division of a state's attorney general's office or the state's department of finance.

[Guest mjb]

The bulk of my IRA assets are at a very large firm that handles university employee retirement accounts. They have ignored repeated requests over the last 10 weeks to make a partial rollover to another IRA, including written transfer requests,certified letters and telephone calls. Obviously I am concerned that they may be stonewalling because they are in some sort of financial difficulty. At this point I want to rollover 100%, or take the entire sum out and deposit with another custodian within 60 days.

What now? What government agencies can I appeal to? SEC? FINRA? IRS? My representatives in Congress?

Advice very much appreciated

How about explaining what you are trying to do, e.g., where do you want the funds transferrd to, and what has transpired in the correspondence between you and the fund which has resulted in your difficulty in transferring the IRA.

[John G]

Everything MJB said, plus feel free to mention the name of the organization.

No financial organization should ignor correspondence or unduly delay responding to a standard request. One possible reason for the delay may be that this company has slashed its administrative personnel and requests may be piling up....that's not an excuse, but might be a factor.

You might also consider contacting a consumer advocate - - your local newspaper, the TV station or one of the national magazines like Money or Kiplinger that have columns devoted to consumer problems. The NY Times, Newsweek, and WSJ all have columnists that love to find a great story.

In my experience, nothing motivates a company more than shining a bright spotlight on bad practices. Most companies understand that a paragraph of bad press (especially when the facts are solid, and the average consumer would relate to the dispute) can neutralize a millions in advertizing with cute animals, comic household scenes or other Madison Avenue concocted "dramas".