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Inherited IRA at Chase

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blixet
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Inherited IRA at Chase  Reply with quote  

I became beneficiary of an IRA held with JP Morgan Chase back in late April. I have had several problems associated with getting this transferred into an inherited/beneficiary IRA and transferred to my IRA custodian at another financial institution.

I must say that the institutional ineptitude at Chase is beyond anything I have experienced with a financial institution in the past. The actual people that have been enlisted to help me along the way have been uniformly pleasant and hardworking, so no trouble with actual people. It is the process that is totally lacking.

I am finally down to the point where all that needs to occur is for Chase to transfer the funds to my custodian. I have waited patiently for a month now, knowing full well that they will not take care of it without being called out on it.

Is it just me or does Chase really suck this bad in general? I will never have anything to do with them, ever again. Now I have to track down someone that will expedite this transaction and when I finally do, it will be taken care of in a day, if my prior experience holds true.

I would say to avoid Chase like the plague. Anyone else had a different experience?

Information is more valuable sold than used – Fischer Black
Post Mon Aug 04, 2014 7:53 pm
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littleroc02us
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I do all of my investments, loans, checking accounts, savings accounts through a credit union, a mortgage lender that is independent from the big banks and Vanguard who rocks and are easy to work with.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Mon Aug 04, 2014 8:24 pm
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JonCartoon
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I had no experience with them
but thanks for the story, we have in mind
Post Mon Aug 04, 2014 8:37 pm
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blixet
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Cash: $ 32.55

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Joined: 28 Apr 2013
Location: Southern California
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Was contacted by Chase this morning. They claim that they never received the Trustee to Trustee transfer request, please have IRA custodian resubmit. Third time they have made this claim about a submitted document, once regarding a fax directly from their branch office that was confirmed to have been received, in my presence. Aaiieeeee!! They must be as tired of me as I am of them... the matter has been turned over from Retirement Services to Dispute Resolution and all future contact has to go through that office. I bet Dispute Resolution is a seldom used process. Wink

Information is more valuable sold than used – Fischer Black
Post Tue Aug 05, 2014 6:44 pm
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superkc
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Haha... it typically takes longer in dispute resolution. You should of inacted arbitration or just start physically going down there to resolve it daily.
Post Tue Aug 26, 2014 8:41 pm
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blixet
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Cash: $ 32.55

Posts: 156
Joined: 28 Apr 2013
Location: Southern California
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Had 2nd transfer request FedEx'ed and the money was transferred out into my IRA next day. Amazing customer service. Why couldn't they do anything right the first time?

Information is more valuable sold than used – Fischer Black
Post Wed Aug 27, 2014 1:27 am
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