Transferring an IRA you hold at another financial institution into your Choice account is easy. Whether you're transferring cash or in-kind assets, we work with your current custodian to complete the process.

Instructions

  1. Complete the Account Transfer form to initiate a new transfer

  2. When we receive your form, we will review it and reach out if we need any additional information

  3. Once we confirm your request is in good order, we will contact your current custodian to release the assets

    • If there are any additional requirements or issues with your transfer, we will contact you via email

    • It's not uncommon for custodians to require a verbal verification with the account holder, their physical "wet ink" signatures or a medallion signature guarantee before they will release assets to a new custodian

    • An automated email will let you know if this happens with your transfer request


Tips to avoid transfer delays

  • Attach an account statement that is less than 60 days old

  • With very few exceptions you can only transfer into like accounts, so make sure the account you are transferring from is the same type as your Choice account. For example:

    • Traditional IRA ➞ Traditional IRA

    • Roth IRA ➞ Roth IRA

  • If you are interested in converting assets into a Roth account, we recommended opening both a Traditional and Roth IRA with Choice and letting us handle the conversion here. Most custodians will not accept transfer requests into non-like account types.

  • Double-check your spam folder for email updates - this is how we will let you know if there's additional action required on your transfer.

    • If you need to adjust your subscription preferences, you can do so by clicking the Manage Preferences link at the bottom of all Choice emails.

What can cause a delay

  • Old account statements - when you initiate your transfer request, please make sure the account statement you attach for your current IRA provider is less than 60 days old.

  • Account type mismatch - most custodians will not accept transfer requests into non-like account types. Please verify the account type you are transferring from matches the account type you are transferring into on Choice.

  • Medallion signature guarantee - some custodians require a medallion signature guarantee which provides an extra layer of security to prevent the unauthorized transfer of assets. You can obtain one at most financial institutions where you hold an account or from Choice directly for a small fee. You will need a statement from your current IRA provider to obtain a medallion signature guarantee.

  • Wet ink signature - some custodians do not accept digital signatures on transfer requests. We will let you know if this is the case with your custodian. If so, you will need to print, sign and return these forms to complete your transfer.

  • Third-party transfer restrictions - some custodians do not allow third-party transfer paperwork and require clients to personally initiate the request. We will let you know if this is the case with your custodian.

  • Outgoing in-kind transfer restrictions - some custodians do not allow in-kind outgoing transfers. We will let you know if this is the case. If so, you will need to liquidate your current investments and convert your IRA to cash before we can complete your transfer.

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