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Non-Tech : Waterhouse Securities
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To: Michael F. who wrote (271)1/31/1998 10:35:00 AM
From: John M. Hammer  Read Replies (1) of 2076
 
Michael,

I don't know any custodian that charges nothing to transfer an IRA out. Waterhouse charges nothing to receive your IRA accounts, and nothing to set up new ones, and nothing to maintain existing ones. That is what they mean by "no fee". The surrender charge is to prevent you from bouncing the IRA accounts from place to place. It costs a custodian a fair amount in time and paperwork to receive, hold, and transfer out your account, so it is to their advantage, and therefore to all of their customers's advantage, to encourage you to keep your IRA accounts in one place for a long time.

Check with your current IRA custodians. When you transfer the accounts to Waterhouse, you will almost certainly need to pay a fee to them. Waterhouse will charge you only if you move an IRA account from Waterhouse to some other custodian.

Waterhouse will charge nothing to transfer IRA assets from one IRA account to another, as long as the receiving account is at Waterhouse.

Best wishes,
John
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