Rollovers are dependent on your custodian and how quickly they process your request. Most employer sponsored plans take about 2 weeks.
You can start an employer plan rollover once you establish your Unchained IRA. You do not need to create a vault to start funding. Most rollovers take about two weeks, but this timeline is dependent on several factors including:
- How quickly your custodian processes the request
- If there are any delays in the mail system
- How quickly Fortis Bank processes the check
Mailing a paper check to Fortis Bank can take 2-5 business days, depending on the shipping speed chosen. It may take up to an additional five business days for a check to clear once it’s been received by Fortis. Once the check clears and the funds have been added to your IRA cash balance, you may use the funds to buy bitcoin.
Regarding the status of your IRA Rollover, please follow up with your current custodian:
- Please note Rollovers are initiated by you, not Unchained. You must contact your custodian directly for the release of your funds and for status updates.
- Have your funds officially left your account with your current custodian?
- How were the funds sent by your custodian (check/ wire)?
- If possible, please ask your custodian to expedite the IRA Rollover request.
- In rare cases where a custodian delays transferring USD, some clients have successfully completed an in-direct 60-day rollover instead. Please note that the IRS has strict guidelines and deadlines for this type of transaction. For more information regarding an in-direct rollover please contact us at: IRA@unchained.com.
Note: No contents of this post may be relied upon as tax, legal, or financial advice, as they have not been tailored to you and have not been reviewed by any attorney, financial advisor, or tax professional. For any questions related to your own specific situation, please consult with your own attorney, tax professional, and/or licensed financial advisor.