Transfers typically take approximately 4 days to two weeks to be completed. Depending on the custodian as well as how the transfer is submitted and funds are requested, they may take more or less time to complete.
Why do transfers take so long?
Waiting for transfers from other custodians is usually the longest part of our account opening process. It can involve multiple rounds of paperwork and communication between you, your current custodian, and Rocket Dollar. Working through transfers is one of the most frustrating and antiquated parts of retirement, and we are working hard to improve this experience for you!
There are also three parts to every IRA: An IRA structure, an LLC, and an LLC bank account. For a Solo 401(k), there is a Solo 401(k) plan document, trust(s), and trust bank account. This structure helps you gain checkbook control over your retirement dollars. For more on the structure of an IRA account, you can learn here.
You can utilize our transfer tool from the Rocket Dollar Customer Dashboard if you have purchased an IRA product. We will continue to work on making Solo 401(k) transfers inside our customer dashboard well. 401(k) customers can contact support by logging into their dashboard.
Is there anything I can do to speed up the time it takes to get my account opened?
- Sign all paperwork as soon as it becomes available.
- Gather your financial statements ahead of time... you can upload these to the transfer tool in the Rocket Dollar IRA Customer Dashboard. It's hard to find those old passwords! Financial companies often need extra identity verification steps to retrieve online and reset passwords.
- For 401(k) rollovers, call your old custodian right away for your 401(k) and ask for the rollover process, and if there are rollover/distribution papers that need signing. Sometimes there is a form that your old boss or HR might need to approve.