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What to do when bank closed an account, but doesn't transfer the money? Please help.

Gray22 118 23 November 6, 2015 at 08:07 AM
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My friend requested to transfer funds from IRA savings account and the new bank submitted all the required IRA Transfer forms.
The current IRA holder closed an account, more than a month ago, but the new bank still didn't receive money. He called and requested a tracking number, but they wasn't able to find it and do not get back to him with an explanation.
Anybody know what to do?

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Joined Jan 2004
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#3
Quote from Gray22 View Post :
My friend requested to transfer funds from IRA savings account and the new bank submitted all the required IRA Transfer forms.
The current IRA holder closed an account, more than a month ago, but the new bank still didn't receive money. He called and requested a tracking number, but they wasn't able to find it and do not get back to him with an explanation.
Anybody know what to do?
Yes, ask your friend to ask his friend to post a question on the internet and see what people think! bulb

If the bank transferred the $ they HAVE to find the tracking #. Stay on the bank. I mean they're the one that transferred the $ so if anyone would know where it went and when they would...
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#4
He did and they promised to get back to him couple of days ago, but never did. He also asked them to stop pay on never received check and reissue new, but .....
Any idea where to send a complaint?
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#5
Quote from Gray22 View Post :
He did and they promised to get back to him couple of days ago, but never did. He also asked them to stop pay on never received check and reissue new, but .....
Any idea where to send a complaint?
Surely this thread isn't real. There is only *ONE* place to talk to -- the originating bank. There isn't some magic sauce.
Quote :
He called and requested a tracking number, but they wasn't able to find it and do not get back to him with an explanation.
I'm not holding this thread in high hopes of being real or anything other than the "friend's" self-induced issue. You don't send a complaint. You talk to the correct department and get a solution. How was the money sent? In what amount? What means of tracking does that method provide? How do you get the tracking information? Use your head, man.

Money doesn't disappear, it has a traceable path. Have your "friend" talk to the bank and figure it out. This is not a forum post-worthy issue.

What on earth is this thread trying to resolve?
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#6
Don't be sarcastic, please. This happened to my friend and hopefully none of you would have the same problem.
The people from original bank is very unhappy for the transferred money and if my friend would speak in English without an accent they would probably treat him better.
Anyway, this matter was resolved and than's to everybody( even the angry people).
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#7
Quote from Gray22 View Post :
Don't be sarcastic, please. This happened to my friend and hopefully none of you would have the same problem.
The people from original bank is very unhappy for the transferred money and if my friend would speak in English without an accent they would probably treat him better.
Anyway, this matter was resolved and than's to everybody( even the angry people).
so what was the resolution? Seems like very quick resolution (~3 hours) from thread posted to issue resolved.
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#8
Quote from Ero View Post :
so what was the resolution? Seems like very quick resolution (~3 hours) from thread posted to issue resolved.
It was to contact the bank like anyone would do and have them track and confirm delivery of money at which point the receiving institution would have the funds. I don't even need the OP to confirm the solution because that's the only solution.
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#9
Unfortunately, the resolution wasn't as easy as the fortuneteller at 4:10pm predicted Frown

Because they wasn't able to find a tracking numbers and those checks was open( 2 accounts) they put a stop payment on them, reissued new ones, which would be delivered to new bank on Monday. Smilie

P.S. my original question was to find to whom we should send a complaint to get some help because the bank wasn't cooperating.
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#10
it also happened to a Nigerian prince

he says if I send some money the bank will release the funds
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#11
Quote from Gray22 View Post :
...and if my friend would speak in English without an accent they would probably treat him better.
Well it's a darned good thing he has a friend like you to help him out with that.
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#12
Quote from Iaaaiws View Post :
Well it's a darned good thing he has a friend like you to help him out with that.
Thank you.
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#13
Quote from Gray22 View Post :
Unfortunately, the resolution wasn't as easy as the fortuneteller at 4:10pm predicted Frown

Because they wasn't able to find a tracking numbers and those checks was open( 2 accounts) they put a stop payment on them, reissued new ones, which would be delivered to new bank on Monday. Smilie
.
Wait, physical checks were written for the transferring of tax-advantaged balances to another tax-advantaged account?


Glad everything worked out, but your friend must bank at the First National Bank of Joe Johnson if they actually, really, truly did this..
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#14
Quote from megakimcheelove View Post :
Wait, physical checks were written for the transferring of tax-advantaged balances to another tax-advantaged account?


Glad everything worked out, but your friend must bank at the First National Bank of Joe Johnson if they actually, really, truly did this..
Actually most banks do this for 401k closeouts. Usually the physical check is sent to the account holder to personally deliver and deposit into the new account. I had Fidelity do this for me, and they are the largest of all 401k providers.
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E finita la cuccagna

Liberals want you to think like them, Conservatives just want you to think!
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#15
Quote from dealgate View Post :
Actually most banks do this for 401k closeouts. Usually the physical check is sent to the account holder to personally deliver and deposit into the new account. I had Fidelity do this for me, and they are the largest of all 401k providers.
Yes, those was physical checks from the first bank payable to the new custodian bank FBO..( name of the account holder).
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