I'm trying to roll over money from Principal to Schwab. I got an acceptance letter from Schwab( retirement focus). This is whom my new employer uses.
It shows this:
The rollover check should be made payable to:
CSTC FBO DDM
Account #12345
F/C (participant name)
The check should be mailed to:
Charles Schwab Trust Company
Attn: RBS Cash Management
P.O. Box 81686
Austin, TX 78708
Instructions say that I should initiate it from the Principal side but when I get to distribution I see options like
The confusion is that mailed to and made payable to are the same but one is abbreviated and another is not. The FBO is to DDM with F/C <my name>( which is a new employer abbreviation). I spoke with Schwab and it seems that the account number is a dedicated id assigned to this transaction. IS IT?Mailed directly to a financial institution
Receiving financial institution name ____________________________
This is who we'll make the check out to--we'll add your name automatically.
____________________________________________(FBO LEONID GRINBERG)
Receiving financial institution account number.FYI, it's not your debit card number. Be sure to include any zeros. More information regarding account number
________________________
Address line 1
________________________
Address line 2 (optional)
________________________
City
________________________
State
________________________
ZIP code
________________________
The other option below has an additional "Addressed to" field and the rest of the fields are the same.
So the question what goes on the check and what goes on the envelope?Mailed to another person or entity, check made payable to a financial institution
Addressed to _______________________________________
Receiving financial institution name ____________________________
This is who we'll make the check out to--we'll add your name automatically.
____________________________________________(FBO LEONID GRINBERG)
Receiving financial institution account number.FYI, it's not your debit card number. Be sure to include any zeros. More information regarding account number
________________________
Address line 1
________________________
Address line 2 (optional)
________________________
City
________________________
State
________________________
ZIP code
________________________
Any help is appreciated.
ps. Principal customer service at least had a specialty department for trying to help but RetirmentFocus was not. I did roll over last year from Vanguard into Principal and it was much simpler as they assigned a person to walk me through all the way. Of course, I did roll over $100K into Principal at that time.