Was your IRA transfer from an old platform mutual-fund-only account ?Was your IRA transfer from an old platform mutual-fund-only account ?
Wondering why no ACATS transfer as would normally be done with brokerage accts being moved.
Wondering why no ACATS transfer as would normally be done with brokerage accts being moved.
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Yes. I have been with Vanguard a long time with a non-brokerage account. From what I was told by Vanguard reps, non-brokerage IRA account transfers or any type of IRA transfer (in/out) to a non-DTC (Depository Trust Company) member bank still requires the paper form and then the FBO paper check to be mailed. The Vanguard rep I talked to initially just said to use the bank's paper form and so did the bank. My bank is not a DTC member bank (no ACATS), so the issue was moot. My understanding from the info online is ACATS is only for brokerage-to-brokerage transfers or brokerage to DTC member banks. I asked Vanguard and the bank if alternatively I could set up the new IRA account in advance and they do an electronic transfer (ACH or wire) into the account and they said no. I don't know if all that is correct; I just had to follow their instructions. The written info on the Vanguard site that I could find doesn't explain these IRA transfer details. If someone has a link to Vanguard's page covering this please post it.
Info:
https://www.sec.gov/about/reports-publi ... cctxferhtm
"Under the "ACATS for Banks" program initiated by DTCC in February 1999, banks may voluntarily participate in ACATS. If a bank participates in the program, then a transfer from the participating bank to a brokerage firm or vice a versa should occur in the standard ACATS time frame of six business days. If you are transferring your account to or from a bank you should ask whether the bank participates in the "ACATS for Banks" program."
DTC firms members list:
https://www.dtcc.com/-/media/Files/Down ... ting-1.pdf
Statistics: Posted by Farm boy — Thu Oct 17, 2024 12:02 am — Replies 1880 — Views 226429