This is a question we at iTrustCapital get asked often. Most people are not aware of the timeline or steps involved in rolling over retirement plans like 401(k)s, 403(b)s, IRAs, and many others.
In a digital age, many of these plans still send funds via check or require a number of follow-ups to complete the process. But that is where we are experienced, and here to help!
iTrustCapital Account Establishment (average < 1 business day!)
To establish an iTrustCapital IRA account, it usually only takes about 10 minutes! You will confirm your personal information and verify your preferred email address for your login. As your personal information is cleared, you are prompted to begin your IRA application. If we need any additional information from you for KYC Verification, we will email you to coordinate and resolve.
Getting Started with iTrustCapital - Step by Step Walkthrough
Employer Plan Rollover (average 2-4 weeks)
Once a rollover is selected in your application, we will provide you with the Funding Instructions, which you will give to your current Plan Administrator. This document includes mailing instructions for mailing a check and wire instructions in case they can wire funds directly.
Unfortunately, 99% of all plan administrators only mail physical checks, and usually do so through standard, “snail-mail.”
This isn’t always the case, and we always encourage you to ask if there is a way to expedite the request, but it is important to note when gauging the potential timeline of the rollover.
Important Note:
You may wonder how long it will take for us to receive the check after it is mailed. Unfortunately, if your provider doesn’t send it overnight with tracking, we cannot monitor its status until it reaches our mailing location. If mailed by regular mail, the average time for delivery is 7-10 business days.
Rollover Tips:
When contacting the plan administrator, get all the specific details.
- What day will the check be sent to iTrustCapital? Or was it already sent?
- What method was used to send the check?
- If it has not yet been sent, can I pay to have it expedited?
- If sent by overnight or registered mail, what is the tracking number?
IRA Transfer (average 1-2 weeks)
To transfer an existing IRA, most clients can complete our online form in which they indicate the sending custodian, all pertinent account information, and the amount of each asset being transferred. Most custodians allow a digital signature, so you will be prompted to sign on the spot!
If your custodian does require a “wet” signature, or a signature completed by your own hand, we ask that you print the signature page, sign it, and send us back a digital copy of the page in the SECURE DOCUMENT PORTAL of your account. Similarly, other additional requirements, like a Medallion Signature Guarantee, will be handled by our qualified custodian, though this may extend the process by an additional week or so.
NOTE: You will receive an email once the transfer request has been sent. We recommend giving the other institution at least 24 hours to process the request in their system, then reach out to confirm they have received it and ask about a processing timeframe.
This step helps speed up the process and ensure there are no unexpected delays - if the custodian claims not to have received a request (which unfortunately happens sometimes, as most requests are delivered via fax), then we can resend it quickly to avoid any delays.
Whether intentional or accidental, we can’t confirm what the receiving end does or does not see, so following up ensures that we are all on the same page. Again, we are always happy to resend a request if needed.
Transfer Tips:
- Take your time when filling out the transfer form. Go over it a couple of times to make sure it is filled out correctly (Custodian information, account information, asset information).
- If you do need to submit a “wet” signature page, be sure the photo quality or scan quality is acceptable. The clearer the information and the higher the quality of the photo or scanned form, the better.
- Be sure to review the requirements thoroughly, and keep an eye out for any email follow-up from us. If we see any edits needed on your form, we will reach out ASAP to resolve!
Final Thoughts
Our goal at iTrustCapital is to fund our clients' accounts as efficiently and quickly as possible. We take every step possible to align ourselves with our clients in accomplishing this goal. Just let us know if you have any trouble along the way, and our team is here to help!
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DISCLAIMER
This article is for information purposes only. It does not constitute investment advice in any way. It does not constitute an offer to sell or a solicitation of an offer to buy or sell any cryptocurrency or security or to participate in any investment strategy.
iTrustCapital is a cryptocurrency IRA software platform. It is not an exchange, funding portal, custodian, trust company, licensed broker, dealer, broker-dealer, investment advisor, investment manager, or adviser in the United States or elsewhere. iTrustCapital is not affiliated with and does not endorse any particular cryptocurrency, precious metal, or investment strategy.
Cryptocurrencies are a speculative investment with risk of loss. Precious metals are a speculative investment with risk of loss. Cryptocurrency is not legal tender backed by the United States government, nor is it subject to Federal Deposit Insurance Corporation (“FDIC”) insurance or protections. Clients do not receive a choice of custody partner. The self-directed purchase and sale of cryptocurrency through a cryptocurrency IRA have not been endorsed by the IRS or any regulatory agency. Historical performance is no guarantee of future results.
Some taxes and conditions may apply depending on the type of IRA account. Investors assume the risk of all purchase and sale decisions. iTrustCapital makes no guarantee or representation regarding investors’ ability to profit from any transaction or the tax implications of any transaction. iTrustCapital does not provide legal, investment or tax advice. Consult a qualified legal, investment, or tax professional.
iTrustCapital makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) or omissions from the information contained herein. iTrustCapital disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this information, which is provided as is, without warranties.
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