Do brokerage firms have any time restrictions when distributing a retirement account?

Question

If you submit a request to a brokerage firm to distribute your IRA, are they required to provide the funds within any specific time? I have been messing around with Ameritrade for 3 weeks now. They estimate it will be another 3 to 7 days before they can transfer the funds to my bank account. Does the FTC regulate this matter?

The funds are in a money market account and the forms according to the reps have been completed correctly.

One guy thinks three weeks is crazy another person says 3 weeks happens all of the time. Mind you they don't even need to cut a paper check - its just electronically transferring funds to my bank account. Is three weeks too long?

Answer 1

Three weeks IS crazy. Unless the security you sold has some liquidity provisions, trade settlement is T+3. Which is the trade date, plus 3 business days. Check should be cut the next day (2 days max). I work in the business, and do this type of thing all the time.

Answer 2

I'm not sure if there are time limits, but it really doesn't matter, because if they want to make your life difficult, they can always come up with paperwork for you to do. My experiences with Ameritrade have been outstanding, however. And three weeks is simply NOT a long time for this type of thing. I had one account with Charles Schwab that took 2 years to sort out. Do you know what is holding it up? Did you fill out the paperwork correctly the first time?

Answer 3

some outstanding diffused mendacity right here - sturdy pastime. Now enable's seem on the certainty. a million. word the way the initial communicate of CGT is precise, yet then a speedy sleight of hand tells human beings "if you're heading in route of retirement and may want to favor to down-length your position or pass right into a retirement community, 28% of the money you're making out of your position will visit taxes." no longer 28% of the capital earnings (it truly is actual) yet 28% of the "money you're making promoting your position" (it truly is clearly a unadorned confronted lie. 2. "The experts assume that "more effective tax charges on dividends and capital features might want to crash the inventory marketplace yet do surely no longer some thing to decrease the deficit." - yet of route no longer one professional is called - calling your self an expert and then quoting your self is especially tacky behaviour - positioned lipstick on a pit - it is nonetheless a pig my pal. 3. Clinton has suggested she will objective to opposite tax cuts for below those earning 250k/year or more effective. So obviously examples about 30k are deliberately deceptive. 4. Inheritance tax - it truly is the perfect lie. Pretending McCain's suggestion is the no replace. The regulation states that the valuables tax will go back in 2011. it fairly is the way it presently is - McCain's coverage isn't the no replace one. As for households dropping farms etc - if "many" have- why are you unable to provide any information of even one. it might want to be especially not easy because the regulation states the relations homestead is exempt. The property tax because it changed into very last twelve months affected 2% of all estates - hardly robbing mom and dad of thier farms. because it is going to go back in 2011 (the actual no replace challenge) it is going to exempt the first million funds. So earlier the poor youthful toddlers ought to drop out of faculty and go beg on the streets by using uncaring authorities taxing thier homestead (which the regulation says it gained't) - they get to stay on the first a million funds TAX loose.

Answer 4

A lot of it depends on what your funds are invested in. It takes time to liquidate the funds to cash and then to get the check issued. 3 weeks is not unheard of. (I work for a financial planner)