How long to get money when you withdraw from your 401k?

[LuckyTaxi]

My tenant owes me like $2000. He is pulling money from his 401k but says it will take 1.5 weeks to get the money. Is he bluffing?

 

[bsobel]

Originally posted by: lilcam
My tenant owes me like $2000. He is pulling money from his 401k but says it will take 1.5 weeks to get the money. Is he bluffing?

Most likely not, it's not an account with an atm. If he's of retirement age, he may have a disbursement schdule. If he's plain selling holdings, the minimum time is going to the 3 days SEC clearing time, and it wouldn't suprise me to find it's a week or two longer. If he's younger, he may be taking a loan against the 401k, but that takes some time to setup too...

 

[DT4K]

Originally posted by: lilcam
My tenant owes me like $2000. He is pulling money from his 401k but says it will take 1.5 weeks to get the money. Is he bluffing?

Is he taking a withdrawal or a 401k loan?

I've taken loans against it occasionally and I can do it online, but it takes a day or two to process and another couple days to mail me a check.

 

[RossMAN]

Is he taking a LOAN or WITHDRAWAL? There is a difference.

Normal turn around time is usually 1.5-2 weeks.

Whether he actually requested the LOAN or WITHDRAWAL, there's another story.

 

[imthebadguy]

like when u turn 59 and 1/2 or something like that...

 

[Yossarian]

he must be really fvcked if he's paying rent with his 401k, yikes

 

[bsobel]

Originally posted by: Yossarian
he must be really fvcked if he's paying rent with his 401k, yikes

Not if hes a retired, that is what it's for you know...

 

[CTrain]

Thats fvcked up.
After you get the $2K, kick the guy out.

 

[Dunbar]

Taking a loan on your 401k is horribleness.

 

[LuckyTaxi]

he's retired ... i think he's withdrawing