Hi, I just opened up a traditional IRA today. I put in $2,000 and the APY is 1.85%. I'm new to all of this and to sum it up I got screwed. Is there any way I can cancel this account Monday morning or transfer it over to another institution that offers an IRA CD with a 4.4% rate? Please help!! Is it too late for me? The lousy bank I opened it with is Bank of America.
2007-03-10 11:30:39 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Bank of America is not my favorite bank. They have done me in a few times.
I would (if you can) be at that bank as soon as they open on Monday morning & try to change it. In the meantime, call customer service at that bank & tell them that you want to cancel. Make a note of everything you do...a kind of journal. Customer service probably won't be of much help but you may be surprised. Calling them if really just to set things in motion in case you have to fight them. You want to show that you intended to change immediately...that you made a mistake or even better, were misled.
You will probably get better results dealing with the branch that you opened the account with.
If they don't cooperate, call you Senator or Congressman & tell the bank that you are going to do this. The reason is that right now Congress is looking into the banking industry regarding there practices. So this is a good time to protest.
I have called my state rep. one time & they were very helpful. I got what I needed. It really does help. They will look into it & no one wants someone from Congress looking into what they are doing. It is intimidating.
Good luck.
Also, contact the bank that you do want to do business with & they will help you.
2007-03-10 11:43:32 · answer #1 · answered by SUSAN K 3 · 0⤊ 2⤋
Just select the new organization that you want to move the IRA to and tell them what you want to do. They'll handle it all for you. Whatever you do, do NOT cancel the old account yourself!
Unless you are older and need the security of a CD to protect your investment, a CD would not be your best bet. Look into mutual funds instead as you'll get a MUCH higher rate of return over time.
2007-03-10 19:54:29 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
If it's in a CD or other account with a fixed length of time, you might have to wait until that time is up, or pay a penalty. Other than that, go to another bank with a better rate - they're likely to be helpful in getting it transferred.
2007-03-10 20:01:39 · answer #3 · answered by Judy 7 · 1⤊ 0⤋
Walk into the other (new) place with your BoA paperwork and tell them you want to switch. They will do anything they can to get a new $2000 account, especially if you're going to be adding to it. Let them do the work.
2007-03-10 19:39:15 · answer #4 · answered by dBalcer 3 · 1⤊ 1⤋