Is there a form to transfer funds into a savings account at your regular bank from a brokerage firm???

My mom wants to transfer the money my pa left in a brokerage account into her savings or CD at her reg bank without a hassle from this firm. Is there a form that banks have to do this easily? Nobody likes to loose clients but we also don't want to hear how bad a time it is to do this yada yada. Ma is 80+ and does not understand mutuals, and annuities, and iras, etc. Help!!!

4 Answers

  • 1 decade ago
    Favorite Answer

    Does the annuity pay distribution to your Mom? If so, she can simply deposit the check. Your bank won't have a form to transfer the money, speak to the brokerage firm, they should have an automatic transfer program set up. Be wary if they want to do it as a wire transfer instead of an ACH deposit (Automatic Clearing House), most banks charge an incoming wire fee, typically ranging from $10 to $35 per transfer.

  • Angie
    Lv 6
    1 decade ago

    The problem sounds more like the brokerage firm doesn't want to give up the money. It's not really an issue of getting it deposited into the bank. So put it in writing. Tell them that you wish to close the account immediately and that they are to issue a check for the full amount of the account. Do not let them bully you (or your mother) into keeping an account you wish to close. If you don't receive your money within a reasonable amount of time, send a copy of the letter to the CEO of the brokerage firm with a repeat of your request.

  • Anonymous
    1 decade ago

    No. Just handle it in writing to the brokerage firm. Don't accept calls from them.

  • 6 years ago

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