Rolling over IRA
I have an ITA CD with Discover Bank which is being taken over by Capitol 1. I want to roll it over to an FDIC covered Bsnk like Chase. The advisor there said it won’t be FDIC insured as that doesn’t happen any more with rollovers. Is that true?
Terry Says
What?? That is total BALONEY!! Please write back and give me the name and phone number of the person who told you that!!!
And just walk into a Chase branch, give them your latest IRA statement, and tell them you want them to handle the rollover. YOu’ll have to make some decisions — like how you want the money invested. It could all go into a money market account inside your new IRA. Or you could buy some stock market mutual funds, if you’re willing to take the risk.
Please do write back and give me that info. I’ll contact the manager and give them a piece of my mind!!
