My wife had an old 401k with about $15,000 in it from a job she left several years ago. The 401k was with Wells Fargo. 1 month ago I noticed Wells had been charging about $20 annually in administration fees, which annoyed me. So we moved all that money into a Rollover IRA with Schwab. All those dollars are now invested in lower cost investments, and with a much more trustworthy company (Schwab). Victory!
However, my wife called Wells today to give them the final middle finger and close the account, but Wells told her "your old employer needs to do that, or you'll need to wait several years for the account to close."
My BS detector is going off. Is this true?
If no, then any recommendations?
If yes, then I have other concerns. If we try to contact her old employer (a mega corporation), I'm concerned it'll take tons of time because I have no idea who to contact. And if we simply wait several years for the account to close by itself, I'm concerned that Wells will continue charging fees (I have ZERO trust in Wells) and we'll be liable to pay them. Would we be liable?
Submitted October 23, 2018 at 02:09PM by BillSelfsMagnumDong https://ift.tt/2CAp0ZF
