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by jr1guy on September 28th, 2005

jr1guy

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Can Individual Retirement Accounts be moved from one financial institution to another without penalty?

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  • by John Wilson on October 6th, 2005

    John Wilson

    Absolutely. There is no penalty. However, there is time limit (60 days) so it's best to transfer the securities rather than liquidate the first account and fund the new account with the proceeds. You should ask your new financial institution for a "full ACAT" transfer. Also, keep in mind that your first financial institution may not refund your management fees (if any) and your new financial institution may charge you a management fee.

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