I cannot believe that in the year two thousand and twenty three (2023) you still need to mail a check to a financial institution to rollover your 401(k) from a previous job.
A check. Mailed. And that is After that check has been mailed to you.
You. You are the middleman in a 401(k) rollover.
But. But. And this is the kicker. The financial initiations don't need to do that if they buy your 401(k) or sell it or whatever.
I know this because a 401(k) account from an old job was moved from Prudential to Fidelity without a check being sent to/from me. How did they do it?
I can't rollover that account back to Prudential without first getting and then sending them a check.
@joelhamill I found that surprising too when I did it last year. Gave me immense anxiety getting a huge check in the mail and then mailing it off again.
@mindofaaronw Right!!??!? We're not talking about a loan of 20 or 50 bucks amongst friends. Just craziness.
@joelhamill OMG YES. I’ve had to do that twice in the last 5-6 years and it is totally nerve-wracking!