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
tiaa(pershing) charges 130$ to to transfer out an ira
Re: tiaa(pershing) charges 130$ to to transfer out an ira
I'm planning to do this soon -- did this end up working out for you? Did Fidelity reimburse the $130?
- jeffyscott
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- Joined: Tue Feb 27, 2007 8:12 am
Re: tiaa(pershing) charges 130$ to to transfer out an ira
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
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
Re: tiaa(pershing) charges 130$ to to transfer out an ira
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.
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.
Re: tiaa(pershing) charges 130$ to to transfer out an ira
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.
Next year not all those 1099s from tiaa, just, down load into tax sofware.