Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Long story not so long, I have an annuity that I am planning to transfer to a mutual fund, 10% at a time from Company A to Company B every year on the anniversary date. The first anniversary date just passed, I filled out the paperwork and got an e-mail from company B confirming the transfer and telling me the, "completion date for the assets to be delivered by your previous firm is 08/21/15."
Why does it take so long and is this normal? There is no explanation in the e-mail. Right now I am not going to worry about it too much since it is what it is and I have confidence in both companies. But still, I am curious and a bit miffed it doesn't process faster.
It seems like a long time but why haven't called to ask?
I plan on calling, but I posted because Google offered up no insight and I just wanted to know before hand if this is typical, average, or unheard of... just so I don't go into the call blind.
Ask them about doing a wire transfer and if that will speed things up. Insurance companies are really slow. One more reason to get out of that annuity.
The timing may be about right. I surrendered an annuity, requesting paperwork arrived at insurance co on 6/27. The investment company received and posted on 7/9. The full amount was credited to my investment account on 7/17.
No, I haven't. I do it tomorrow (I am away right now and don't have the paperwork with me to know what numbers to call and such). But I have gotten a little more information and my case isn't all that unusual. Some annuities can take even longer to transfer over (so it sounds like it's the nature of the beast).
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
