Do brokerage firms have any time restrictions when distributing a retirement account?
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?
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.
The Day Today – IRA