What you'll need to get started
To initiate a transfer, you'll complete the IRA Resources Transfer Request form and submit it to IRA Resources along with a recent account statement from your current IRA. The statement helps IRA Resources identify the account and confirm the transfer details with your current custodian.
How long does it take?
Transfers typically complete within 5 to 21 business days, though the timeline is largely determined by how quickly your current custodian processes the release. If you have a target date in mind, for example, an investment opportunity with a closing deadline, build in extra time.
Steps to ensure a smooth transfer
- Submit a complete Transfer Request form. Incomplete forms are one of the most common sources of delay. Review the form carefully before submitting to IRA Resources. Missing information will require follow-up and can add days to the process.
- Don't forget a statement from your current IRA. A Transfer Request is not complete, and will not be processed, without a recent statement from the IRA being transferred.
- Ensure the amount you want to transfer is in cash. Your current custodian will not liquidate investments to fulfill a transfer request. Before requesting a transfer, you must sell out of investments to ensure the account has cash sufficient for your transfer request. Failing to liquidate to cash will result in a rejected request and may require that you start the process over.
- Contact your current custodian to learn their requirements. You are not initiating the transfer with them; that comes from IRA Resources. But it is worth a call to understand their documentation and signature requirements before the request arrives. Custodians vary significantly:
- Most do not accept digital or electronic signatures.
- Some will accept a hand-signed form that has been scanned and emailed, but many will not.
- Some firms require an ink-signed original sent by mail.
- A small number require a Medallion Signature Guarantee, a bank-certified stamp that verifies the identity of the signer.
While you're on the phone, ask about their standard processing time so you know what to expect.
- Follow up with your current custodian 4 to 7 business days after submission. Confirm they have received the transfer request from IRA Resources and that it is in their processing queue.
- If the transfer hasn't arrived within two weeks, or within the timeframe you were given, follow up again. Custodians occasionally require additional documentation or misplace paperwork. Staying proactive keeps things moving.
After the transfer
Once funds arrive at IRA Resources, they will be available in your IRA account. From there, IRA Resources will invest the funds into your LLC or Trust once you submit a Buy Direction Letter. Once funds are available in your entity checking account, you are ready to invest.
Frequently Asked Questions
What is a Medallion Signature Guarantee, and do I need one?
A Medallion Signature Guarantee is a certified stamp issued by a bank or credit union that verifies the identity of the person signing a financial document. It is more rigorous than a notarized signature. Most IRA transfers do not require one, but some custodians do. Your bank or credit union can typically provide one at no cost or for a small fee if your current custodian requires a medallion stamp.
Can I transfer only a portion of my IRA?
Yes. Partial transfers are permitted. Indicate the amount you want to transfer on the Transfer Request form. Your current IRA remains open with the remaining balance.
Is there a limit on how many transfers I can do?
No. Custodian-to-custodian transfers are unlimited in frequency. The one-per-year limitation applies only to indirect (60-day) rollovers, not to direct transfers.
How can I get help with my transfer?
IRA Resources is your point of contact for all questions about the transfer process. They can assist with the Transfer Request form, confirm what documentation is needed, and provide status updates once your request has been submitted.