Wachovia telling me they don't want my money (retirement account)!?!

Thanks guys!  I really *don't* want to move it to a UK bank--I will call Fidelity tomorrow (I'm done with calls for today!).

Those links are helpful, too.  I've got to write the home office a  snail mail letter though and you know the letter I received from my bank gives me 60 days to do something.  What happens after that?  The answer I was given was, "It will be very hard to move your money after that."  Hey--it's *my* money!  I hope this whole thing doesn't take more than 60 days!

No real answer to 'what happens after that'?  I always thought the 60 day rule was to avoid tax issues...it's your money, you should be able to move it, no matter how long it takes!  Make notes of any phone calls, and if it's possible to do some of this by email so you've got it in writing, all the better to show when you started trying to get this taken care of.

I, too, was not looking for advice on what to do with my money, I just want it to sit there.  Seems to me, though, that through the web-site where my money is held, there are on-line tips and advice if you want it without getting involved with a real live advisor, but it's a part of the web-site I've never even looked at, other than when I first set up the IRA and needed to understand some of the terms they were using so I could make a half-way intelligent decision in how I wanted the funds invested.

Good luck!

No real answer to 'what happens after that'?  I always thought the 60 day rule was to avoid tax issues...it's your money, you should be able to move it, no matter how long it takes!  Make notes of any phone calls, and if it's possible to do some of this by email so you've got it in writing, all the better to show when you started trying to get this taken care of.

Good advice about keeping track of phone calls and emails. 

The 60 day thing is ridiculous.  It's an IRA and should not be taxed *at all* unless the funds are liquidated.  I'm thinking after 60 days they will put a freeze on it and it will no longer make any interest.  I really hope if it must be moved from Wachovia that it will get put right into another US bank as a roll-over and that way not be taxed.

What about changing your address on the account to your parent's address?

Would that be possible?

What about changing your address on the account to your parent's address?

Would that be possible?

With Wachovia, if you change your address on one account it's then changed on *all* of your accounts (I've tried that already), and I need my mail to come here to the UK for ILR purposes.

I guess I could put my retirement account under my mom's address if I move it to a different bank, at least I'll have my (small) savings account from Wachovia still coming to my UK address, though I'm tempted to take that money out of there as well now!

Was that with Wachovia?

Fidelity

Fidelity

Thanks!  I'm calling them now.

Are you able to open accounts in the US without going into the bank (ie from here)?

With Wachovia, if you change your address on one account it's then changed on *all* of your accounts (I've tried that already), and I need my mail to come here to the UK for ILR purposes.

Surely you can amass ILR evidence in another way? Like getting your name on bank accounts etc. in the UK. Perhaps in the visa section they'd have suggestions re: easier ways to amass ILR evidence?

Good luck with this. It seems c*r*a*p*!

Are you able to open accounts in the US without going into the bank (ie from here)?

Nope.  I called Fidelity Bank and they said the problem was I needed to go into a branch to sign the papers--so I can't put my money from Wachovia into Fidelity.

Surely you can amass ILR evidence in another way? Like getting your name on bank accounts etc. in the UK. Perhaps in the visa section they'd have suggestions re: easier ways to amass ILR evidence?

Good luck with this. It seems c*r*a*p*!

Yeah, you're right.  I was just concerned with getting as much evidence as possible.  I do also have an account in the UK that is joint with both my name and my husband's name on it.

I think I will call Wachovia again and ask if I can just put that account under my mom's name, but the secretary did tell me that once you get "the letter" that it is too late to do anything, so we will see.

The other thing is that I can put the money into Fidelity Investment Bank (different from Fidelity Bank) which is an international investment bank, but because I'm a resident of the UK it will have to go into a UK branch, which means liquidating it (paying taxes on it!) and then it goes into the UK branch in pounds.  They do have tax-free investment accounts available, much like an IRA, but of course a bit different. *sigh* I have always avoided money stuff and lately I've been in the thick of it. 

Andee - just to say that I have heard of Wachovia doing this before blaming the Patriot Act, which is just boloney...

I think it is because they can't be bothered to handle anything out of the ordinary.

There should be zero US tax if you can manage to roll it over, but you may face UK tax at up to 55% because under UK pension rules after "A Day" (6 April 2006) taking a lump sum from a pension plan is a "benefit crystalization" event which can give rise to UK tax at up to 55% (you won't be transferring to a UK registered plan which is why the UK may say this is an unauthorised payment).

I'd shout very loudly at Wachovia if this was me!

Andee - just to say that I have heard of Wachovia doing this before blaming the Patriot Act, which is just boloney...

I think it is because they can't be bothered to handle anything out of the ordinary.

There should be zero US tax if you can manage to roll it over, but you may face UK tax at up to 55% because under UK pension rules after "A Day" (6 April 2006) taking a lump sum from a pension plan is a "benefit crystalization" event which can give rise to UK tax at up to 55% (you won't be transferring to a UK registered plan which is why the UK may say this is an unauthorised payment).


I'd shout very loudly at Wachovia if this was me!

guya, the secretary at Wachovia said something about England being on their list of "unallowable countries" because of licensing and registration from the brokers, etc.  She did not mention the patriot act--it was Fidelity and Commerce banks that did.

I don't want to put that money into a UK account.  I want to keep it exactly where it is.  I don't know what to do.  I don't have enough sophistication and money smarts to communicate to Wachovia that I feel they are very wrong and that they can't mess with my money, and that I want to keep the account.

I am going to call Wachovia again next week and mention the thing about the home office (see this link)
http://www.usembassy.org.uk/scotland/newsletter_mar07.html
I really am at a loss as to how to go about this though.  No other US bank will roll that money over for me because I can't go into a branch and sign papers since I'm currently in the UK.  That money took a long time to save and hard work, too--I'm getting very angry about this whole thing.

Nope.  I called Fidelity Bank and they said the problem was I needed to go into a branch to sign the papers--so I can't put my money from Wachovia into Fidelity.Yeah, you're right. 

You might be able to get someone in the US to do this for you if you sign a paper authorising this and have it notarised. After my father died, I wanted to close out a bank account that my father had left in trust for me, so I wrote a letter authorising my sister in the US to take the money out and close out the account, and had a solicitor notarise it. There was no problem.

I agree with Guya; there is something wrong about a  company forcing you to take out your entire pension before you reach retirement age.

Are you sure you can't get them to change the account to being at the address of a relative in the US?

Vicky

Are you sure you can't get them to change the account to being at the address of a relative in the US?

Vicky

Can you give a relative power of attorney or something to aid with this, if necessary?

What a BS nightmare!

Can you give a relative power of attorney or something to aid with this, if necessary?

What a BS nightmare!

Are you sure you can't get them to change the account to being at the address of a relative in the US?

Vicky

I am calling them again this week (not today--I'm just so tired of the phone calls) and asking if I can change the name on the account, but the secretary did say once you get "the letter" it's too late.

I don't want to inconvenience anyone with the power of attorney thing--what a pain, but we will see if it goes that far.