A transfer is a movement of funds between two like accounts (i.e., Traditional IRA to Traditional IRA, Roth IRA to Roth IRA, etc.) from one financial institution to another.
- Complete and Print the Incoming Transfer Form in its entirety.
- Call your current custodian to find out their requirements.
- Ask your current custodian if they require:
- The originals to be mailed to them or if they will accept a faxed request?
- A medallion signature guarantee?
- Provident Trust Group can provide a Medallion Stamp Signature Guarantee (if required by the other custodian) if the following items are provided:
- A recent statement (within the past 60 days) that includes: your name, home address, account number, and balance.
- There is a $25.00 medallion stamp fee.
To ensure your request is processed in a timely manner, please note the following items:
Liquidating ahead of time can speed up the process
If your account is NOT liquid with your current custodian, have them liquidate it prior to Provident Trust Group sending the transfer request to them.
- Wiring funds to our bank, Citizens Business Bank, is the QUICKEST method of moving funds into a client’s account . Wires we receive have a processing time but no holding period. Checks have either a full 5 business-day hold, or 2 business-day hold for transfer checks from fiduciary institutions, which do not include insurance companies. Please note that not all custodians will wire funds and may charge a fee if they do.
- Other custodians often will NOT overnight checks to Provident unless a prepaid FedEx label is provided by you.
- Our default mailing method is USPS Mail (free of charge) of which delivery can take up to 5 – 7 business days. You can request Priority Mail for a $15.00 fee, or direct us to overnight the paperwork using our FedEx account for a fee of $35.00.
Do NOT complete an Incoming Transfer Form for 401(k)s or other Employer-Sponsored retirement plans unless the other custodian requires it. For retirement plans, you should contact your custodian to find out how to do a direct rollover. Your custodian may have their own paperwork (or may even allow a distribution request by phone). Custodians often ask for a letter of acceptance, which can be provided by calling (888) 855-9856.