tiaa(pershing) charges 130$ to to transfer out an ira

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kgardner
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Joined: Tue Dec 11, 2018 8:32 am

tiaa(pershing) charges 130$ to to transfer out an ira

Post by kgardner »

Yesterday at Fidelity I initiated a transfer/close a traditional six figure IRA from TIAA(actually pershing, their brokerage branch). It is not a big concern because Fidelity said they would cover it.

Mys question is: Is their any limit on the fee that an IRA firm(can't think of the term) can charge to close/transfer an account? it might be in the agreement where I checked a box. This seems high. The Fidelity guy said the highest he had seen was 75$ but Fidelity will cover the 130$

Thanks
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sarabayo
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Re: tiaa(pershing) charges 130$ to to transfer out an ira

Post by sarabayo »

I'm planning to do this soon -- did this end up working out for you? Did Fidelity reimburse the $130?
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jeffyscott
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Re: tiaa(pershing) charges 130$ to to transfer out an ira

Post by jeffyscott »

It's called "ACAT fee" and it seems there is no limit on what can be charged.

nobody regulates the fees firms can charge you for making the transfer
https://www.magnifymoney.com/blog/inves ... nsfer-fee/

There's some rules here, but did not see anything addressing fees:
https://www.finra.org/rules-guidance/ke ... -transfers
crefwatch
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Re: tiaa(pershing) charges 130$ to to transfer out an ira

Post by crefwatch »

I would just pay the money, but your account probably has a TIAA wrapper into which you could cash out the brokerage window. I doubt TIAA would charge for that transfer, but I have no personal experience. You would be "out of the market" for a few weeks, certainly. There is no tax advantage to transferring marketable securities "in-kind" with a tax-deferred account.

It recently became possible to transfer cash out of the TIAA brokerage window without telephoning a broker. I'm not advocating this, only mentioning another option.
Topic Author
kgardner
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Joined: Tue Dec 11, 2018 8:32 am

Re: tiaa(pershing) charges 130$ to to transfer out an ira

Post by kgardner »

Fidelity covered 130$ for three accounts each, plus, 100$ bonus money.

Next year not all those 1099s from tiaa, just, down load into tax sofware.
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