Warning: That "quick" brokerage transfer took me 47 days

I needed to move my old 401k from a bank trust account to a discount broker last October, thought it would be a 2 week thing at most. First the bank lost the paperwork twice, then the broker said my signature didn't match the one on file from 2006. Has anyone else had a rollover take way longer than the 7-10 business days they promise?

3 comments

3 Comments

john_murphy12d ago

47 days?? My bank once mailed my check to a guy with a similar name in Florida.

leo_harris12d ago

...and honestly I don't think a 47 day wait is even that bad for a 401k rollover. Those "7-10 business days" they advertise are a straight up lie in my experience. The problem is these old bank trust accounts run on systems from the 80s and nobody there cares about moving your money quickly. If you're lucky you get it done under two months.

gray_patel12d ago

Read the other day that 47 days is actually faster than some horror stories I've seen, @john_murphy.