If I have a 401k direct rollover check, the payee section of the check is like '"Morgan Stanley FBO myname", and the check is lost, can a thief take out the money?
2007-12-29 14:02:58 · 5 answers · asked by yan d 1 in Business & Finance ➔ Personal Finance
No, even if they signed it Morgan Q Stanley and cashed it the bank who accepted it would be out the money not you.
2007-12-29 14:08:08 · answer #1 · answered by shipwreck 7 · 2⤊ 0⤋
Nope...not gonna happen. The way that it's made payable is designed to let banks know that the check is not to be cashed but deposited into an IRA or a 401k plan only. If, by chance, it doesn't make it into your IRA then you have proof to force the receiving institution to hunt it down (or the sending institution to stop payment and resend).
In the 401k industry for 15 years and I've never seen a check lost due to fraud. Not saying it hasn't happened but a participant (employee) that I've been involved with has never been negatively impacted.
2007-12-30 07:01:45 · answer #2 · answered by digdowndeepnseattle 6 · 1⤊ 0⤋
No, FBO means "For the Benefit Of." That means it gets deposited at Morgan Stanley and credited to your account. You are 99.999% safe. Not worth worrying about.
2007-12-29 14:58:14 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Not likely, but make sure you call the issuing company and ask that they place a stop payment and reissue the check.
2007-12-29 14:40:41 · answer #4 · answered by Anonymous · 1⤊ 0⤋
You may find advise at clarkhoward.com. Keep a log of all phone conversations and send all correspondence certified mail.
2007-12-29 14:08:16 · answer #5 · answered by james 4 · 0⤊ 0⤋