From: dornachu@gmail.com
Newsgroups: misc.invest.financial-plan
Subject: Re: 401K Roll over question
Date: Sat, 7 Apr 2007 05:37:30 -0500
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On Apr 6, 5:55 pm, Mark Bole  wrote:
> waph...@aol.com wrote:
>
> [...]
>
> > Having recently done the same thing 3 times over the past 3 years, I
> > can tell you that many companies will not do direct roll-overs.
>
> Having done the same thing twice in the last five years, I can tell you
> that many companies both large and small will do direct rollovers. (I
> dunno, do three companies and two companies constitute "many"?) If your
> company won't (via the custodian they have hired to handle the
> accounts), then all the more reason why it's a good thing you're not
> working there anymore!
>
> There may be some requirements for a spousal sign-off on the rollover if
> married.  I'm not sure if this depends on state law or what.
>
> > For example: if you are transferring from your company's 401K to a
> > Vanguard IRA, you first have to open the Vanguard IRA, which will give
> > you an account #.
>
> How do you open the IRA without putting any money into it?
>
> -Mark Bole

I'm very confused too. I set up an appointment with the financial guy,
he took all my info, made copies and said we'll have to be on a
conference call and to get the money roll over. He specifically told
me that those 3 checks (from my 3 diff 401K account) will have to come
directly to me, and then I have to physically bring them to the
bank.

I'll spill it here, the bank is HSBC. I have an account with them to
take advantage of the 6% return until april 30th. I thought keeping
everything in one place would be a bit easier for me to keep track.
But now I'm a bit fishy about them.

maybe I should leave my money (the 6% thing) till end of april and
bring my money somewhere else?