Can I transfer my Rollover IRA account to a different broker?

  • Thread starter Thread starter ilstar7777
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ilstar7777

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Recently, I had to transfer my 401K account to a Rollover IRA account at my wife's employer - an investment bank (IB). According to the IB rules my wife or any immediate family member cannot have any trading or IRA accounts with any other IB or brokerage. Unfortunately, the IB charges extremely high commission on stock transactions. So, I am looking for a way to transfer my money out of my wife's IB and into a brokerage like Ameritrade. Does anyone know if there is a legal way to do that without getting in trouble with the employer?
 
I just can't believe it is legal for an IB to require you to hold your IRA there. It seems unAmerican!

Think you should read the rules again and be sure you have interpreted them correctly.

Since you have done the rollover within the last year, be sure to do a trustee to trustee transfer to the new company. Sign the paper work with the new company and they will fetch the funds directly.
 
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