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Attorney2020
Attorney2020, Attorney
Category: Estate Law
Satisfied Customers: 2578
Experience:  Estate planning and wealth preservation attorney.
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I have an IRA and the bank won't release it. I've tried 3

Customer Question

I have an IRA and the bank won't release it. I've tried 3 times and they keep charging my account $175 for administrative fees. They want my employer who holds fiduciary responsibility to go to their 3rd party or a notary and sign a letter stating they will accept my funds. My 401K provider already created the letter according to their policy and my bank still won't accept it. What can I do? I don't want to take it out prematurely and have it taxed, it's very little.
Submitted: 11 months ago.
Category: Estate Law
Expert:  Attorney2020 replied 11 months ago.

What reason do they give you for not releasing the funds?

Customer: replied 11 months ago.
Their forms state they need a letter of acceptance which I provided. They denied it because it's not notarized. The letter is prepared by my employer based on our 401K plan requirements and it's not in their policy to notarize it. The issue is no where on Citibanks policy does it state the form needs to be notarized.
Expert:  Attorney2020 replied 11 months ago.

Okay, you can fight the notarization issue but is it worth the delay where if you get the document notarized you can receive and enjoy the funds. Perhaps getting it notarized would be the most efficient least costly option at this point which is what I would do since the bank is being difficult but look at it this way they are protecting you from fraud by requiring notarization.

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. I thank you in advance for your cooperation. Thank you.

Customer: replied 11 months ago.
my company won't notarize it. It's not in their policy to do that. The bank charges $175 for admin fee's. I sent the original form which they received on 12/31/15. If I send it again in the new year they charge another $175. Can I take them to small claims court to get it released?
Expert:  Attorney2020 replied 11 months ago.

Yes for breach of fiduciary duty. Why is the company refusing to have it notarized?

I hope that helped. Please ask any follow-up questions. Please rate my answer so that I may be credited for my time. I thank you in advance for your cooperation. Thank you.

Expert:  Attorney2020 replied 10 months ago.

Please rate my answer so that I may be credited for my time. I thank you in advance for your cooperation.

Please rate my answer so that I may be credited for my time. I thank you in advance for your cooperation.

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