Author Topic: Liquidating IRA account for rollover  (Read 1857 times)

WES

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Liquidating IRA account for rollover
« on: January 30, 2018, 05:10:45 PM »
I thought I would share my experience with LC and Strata in recently liquidating two IRA accounts.

In early December, I started the process of selling notes on Foliofn. This took about three weeks for each account.

In late December, I mailed the Strata withdrawal/close account request form directly to Strata. Don't do this. You need a special Lending Club/Strata withdrawal form. My error smoked about a week of time. I emailed the correct form to LC and they forwarded to Strata.

About 10 days later, I received the withdrawal check in the mail. Total fees charged by Strata were $150 (fees would be higher but for a paper check via USPS).

In early January, I emailed LC the form to close account number 2. They forwarded this to Strata.

Strata has been sitting on this second request -- I emailed and phoned Strata (left VM) requesting expeditious processing. My annual account fee was due Jan 28 and I wanted to wrap this up before then. As of today, Strata has done nothing. My Strata funds were hit with an autopay charge of $100 annual fee on Jan 29. I called LC today and the account rep said he would reimburse the fee bc I had evident intent of closing the account.

Thank you, LC!

Moral of the story: get your papers to Strata very early. And follow up, follow up, follow up.

Debt Free

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Re: Liquidating IRA account for rollover
« Reply #1 on: January 30, 2018, 08:38:04 PM »
What was the value of the portfolios and number of notes in each account involved?

lascott

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Re: Liquidating IRA account for rollover
« Reply #2 on: January 31, 2018, 10:02:37 AM »
Strata has been sitting on this second request -- I emailed and phoned Strata (left VM) requesting expeditious processing. My annual account fee was due Jan 28 and I wanted to wrap this up before then. As of today, Strata has done nothing. My Strata funds were hit with an autopay charge of $100 annual fee on Jan 29. I called LC today and the account rep said he would reimburse the fee bc I had evident intent of closing the account.
Thank you for sharing that. I need to liquidate my kids account by this summer and I wanted to avoid the $100 fee.  It is interesting and worked out well what you went throught LC to get to Strata. I have not tried to close a Strata account yet but have only pulled some money from there for a ROTH IRA. In that case I filled out Fidelity paperwork and they sent it to Strata. It was slow and I've done it 3 times so far.
Tools I use: (main) BlueVestment: https://www.bluevestment.com/app/pricing + https://www.interestradar.com/ , (others) Lending Robot referral link: https://www.lendingrobot.com/ref/scott473/  & Peercube referral code: DFVA9Y

WES

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Re: Liquidating IRA account for rollover
« Reply #3 on: February 02, 2018, 06:04:11 PM »
Update: Strata finally closed out the account and cut a check. It took them two weeks from the time LC electronically sent the request! (Just enough time to ding me for an annual account fee?)

And I have not been reimbursed the annual fee, despite the LC rep saying that they would. O well.

WES

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Re: Liquidating IRA account for rollover
« Reply #4 on: February 06, 2018, 11:04:05 AM »
Final update: I received my Strata withdrawal paper check today by USPS. The check is dated 13 days after LC sent the request. And today I received email from LC that Strata would also send a reimbursement of the $100 annual fee, at LC"s request since I clearly intended to close the account prior to the date upon which the fee was assessed.

Rob L

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Re: Liquidating IRA account for rollover
« Reply #5 on: February 06, 2018, 11:22:37 AM »
Final update: I received my Strata withdrawal paper check today by USPS. The check is dated 13 days after LC sent the request. And today I received email from LC that Strata would also send a reimbursement of the $100 annual fee, at LC"s request since I clearly intended to close the account prior to the date upon which the fee was assessed.

Thanks for the narrative. Glad it's completed and you were reimbursed the annual fee!

thezfunk

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Re: Liquidating IRA account for rollover
« Reply #6 on: February 10, 2018, 06:06:36 PM »
I thought I would share my experience with LC and Strata in recently liquidating two IRA accounts.

In early December, I started the process of selling notes on Foliofn. This took about three weeks for each account.

In late December, I mailed the Strata withdrawal/close account request form directly to Strata. Don't do this. You need a special Lending Club/Strata withdrawal form. My error smoked about a week of time. I emailed the correct form to LC and they forwarded to Strata.

About 10 days later, I received the withdrawal check in the mail. Total fees charged by Strata were $150 (fees would be higher but for a paper check via USPS).

In early January, I emailed LC the form to close account number 2. They forwarded this to Strata.

Strata has been sitting on this second request -- I emailed and phoned Strata (left VM) requesting expeditious processing. My annual account fee was due Jan 28 and I wanted to wrap this up before then. As of today, Strata has done nothing. My Strata funds were hit with an autopay charge of $100 annual fee on Jan 29. I called LC today and the account rep said he would reimburse the fee bc I had evident intent of closing the account.

Thank you, LC!

Moral of the story: get your papers to Strata very early. And follow up, follow up, follow up.

Did you begin this process with a call or email to LC?