From wells fargo IRA to etrade IRA?

[Insomniator]

I put 1k into a wells fargo money market IRA account just for tax purposes like 2 years ago. It has gained $1.84 since then (not that I expected it to gain anything). I'd like to transfer this money into an etrade IRA account I just opened but I can't find anything on how to do this.

Does anyone have experience with this kind of thing? I assume I have to go to a branch and... authorize some kind of transfer? The woman on the phone who barely spoke English asked 'is etrade bank in america?'... i said thanks I will visit a branch.

 

[lothar]

Call etrade or visit a branch.
Wells Fargo charges ACAT fees of $90-95 I believe. Make sure etrade will reimburse you for that before you transfer.
If not transfer to Scottstrade first so they will reimburse you, then transfer to etrade.

 

[dullard]

Just go to E-Trade, they should have a form for you. It shouldn't be much hassle at all, unless they demand a Medallion stamp. And then, you just go to the bank and ask kindly for one (Wells Fargo hates doing it, but they will do it for their customers, I once needed it and had to go to two different branched until I found a banker who was willing).

Wells Fargo charges ACAT fees of $90-95 I believe.

It is an IRA. Just sell the shares and transfer the cash. Taxes aren't an issue so ACAT isn't needed, and ACAT fees don't apply.

 

[Wyndru]

Are you staying in the same type of IRA (traditional to traditional / roth to roth)?

If so I believe it is straightforward, and shouldn't cost anything. Some of them even do it online, I'm not sure if E-Trade does or not.

Going from traditional to roth gets sticky though, because of the taxes. I lost some money doing that because my bank only gave me an option to send the check payable to me (as opposed to the bank I was transferring to), which basically means I withdrew money early and I got hit with a penalty.

 

[HardcoreRobot]

unrelated, but what do you have it invested in to end up with so close to your starting balance after just 2 years?

 

[Insomniator]

Are you staying in the same type of IRA (traditional to traditional / roth to roth)?

If so I believe it is straightforward, and shouldn't cost anything. Some of them even do it online, I'm not sure if E-Trade does or not.

Going from traditional to roth gets sticky though, because of the taxes. I lost some money doing that because my bank only gave me an option to send the check payable to me (as opposed to the bank I was transferring to), which basically means I withdrew money early and I got hit with a penalty.

Its from a traditional to traditional so no problem there. I just went to a Wells Fargo branch to get my account number. Etrade now won't accept the number saying its in the wrong format. I'm not sure if "Wells Fargo Advisors" is the same as just Wells Fargo though (its asking where the account to be transferred is coming from).

unrelated, but what do you have it invested in to end up with so close to your starting balance after just 2 years?

My dad told me to put 1k into this moneymarket account with Wachovia like 2 years ago just for tax purposes (first year out of college with new job). I didn't really understand any of it and after 2 years its gotten 2 dollars of interest and is basically 1k sitting an account I will never touch and will never gain anything. Wachovia turned into Wells Fargo and now lists that account as a Traditional IRA... I have no idea what the details are but I want to mess around with the stock market while its low as hell. They are not making this easy however!