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Author Topic: Liquidating IRA account for rollover



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Liquidating IRA account for rollover
OP: January 30, 2018, 12:00:00 AM
I thought I would share my experience with LC and Strata in recently liquidating two IRA accounts.

In early December, I started the process of selling notes on Foliofn. This took about three weeks for each account.

In late December, I mailed the Strata withdrawal/close account request form directly to Strata. Don't do this. You need a special Lending Club/Strata withdrawal form. My error smoked about a week of time. I emailed the correct form to LC and they forwarded to Strata.

About 10 days later, I received the withdrawal check in the mail. Total fees charged by Strata were $150 (fees would be higher but for a paper check via USPS).

In early January, I emailed LC the form to close account number 2. They forwarded this to Strata.

Strata has been sitting on this second request -- I emailed and phoned Strata (left VM) requesting expeditious processing. My annual account fee was due Jan 28 and I wanted to wrap this up before then. As of today, Strata has done nothing. My Strata funds were hit with an autopay charge of $100 annual fee on Jan 29. I called LC today and the account rep said he would reimburse the fee bc I had evident intent of closing the account.

Thank you, LC!

Moral of the story: get your papers to Strata very early. And follow up, follow up, follow up.
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Liquidating IRA account for rollover
#1: January 30, 2018, 12:00:00 AM
What was the value of the portfolios and number of notes in each account involved?
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Liquidating IRA account for rollover
#3: February 02, 2018, 12:00:00 AM
Update: Strata finally closed out the account and cut a check. It took them two weeks from the time LC electronically sent the request! (Just enough time to ding me for an annual account fee?)

And I have not been reimbursed the annual fee, despite the LC rep saying that they would. O well.
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Liquidating IRA account for rollover
#4: February 06, 2018, 12:00:00 AM
Final update: I received my Strata withdrawal paper check today by USPS. The check is dated 13 days after LC sent the request. And today I received email from LC that Strata would also send a reimbursement of the $100 annual fee, at LC"s request since I clearly intended to close the account prior to the date upon which the fee was assessed.
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