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TIL getting my 401k rolled over took 6 months of phone calls
I switched jobs back in February and thought rolling over my old 401k would be a quick thing. Nope. First my old provider lost the paperwork, then they said I needed a medallion signature guarantee which took me a week to figure out where to get. Then the new provider rejected the check because my name was slightly off. 6 months of back and forth. Has anyone else had this take forever or am I just cursed?
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schmidt.willow3mo ago
The medallion signature guarantee thing is actually less complicated than most people think - your bank should be able to do it for free if you have an account there. But yeah, the whole system is a mess designed to make you give up and leave your money sitting there. Sounds like you got through it though, which is more than a lot of people manage.
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kim.charlie3mo ago
Well now, that part about it being "designed to make you give up" is interesting. Do you actually think the banks and brokerages purposely make this process difficult to discourage people from moving their money, or is it just a case of outdated regulations that nobody bothered to fix? I've seen some folks argue it's a deliberate barrier to keep assets locked up, but I'm not sure I buy that completely.
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