Consumer Rights and Fund Transfer

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Topic Author
3goofykids
Posts: 2
Joined: Mon Jan 02, 2017 4:20 pm

Consumer Rights and Fund Transfer

Post by 3goofykids »

What rights do consumers have as far as a rollover transfer being completed in a timely manner?

On January 16, 2021 I initiated a transfer from TRowe to TRS (Teachers Retirement of Texas). The TRS requires their specific form be completed by the sending entity which was sent to TRowe.

TRowe could never get the documents filled out completely and TRS insisted that the sending institution had to complete them correctly. I have logs of calls to both entities over the course of the months trying to resolve this. TRowe sent incomplete documents to TRS at least 5 times over the course of this fiasco.

The check was sent to TRS from TRowe on 1/6/2021 and finally deposited with TRS on 5/12/2021. The funds (which are pretty significant) sat out of the market from 1/6/2021 to 5/12/2021.

TRowe said it is the receiving entities responsibility to work with them to get it correct, my stance is that as a customer of TRowe that they should have completed it correctly the first time.

Do I have any recourse with either entity?
pkcrafter
Posts: 15461
Joined: Sun Mar 04, 2007 11:19 am
Location: CA
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Re: Consumer Rights and Fund Transfer

Post by pkcrafter »

Welcome to the forum,
On January 16, 2021 I initiated a transfer from TRowe to TRS (Teachers Retirement of Texas). The TRS requires their specific form be completed by the sending entity which was sent to TRowe.
What kind of account were the funds in at TRP?

Did you read this?

https://www.trs.texas.gov/TRS%20Documents/form_611.pdf


Paul
When times are good, investors tend to forget about risk and focus on opportunity. When times are bad, investors tend to forget about opportunity and focus on risk.
Topic Author
3goofykids
Posts: 2
Joined: Mon Jan 02, 2017 4:20 pm

Re: Consumer Rights and Fund Transfer

Post by 3goofykids »

It was an eligible IRA rollover transfer and it has been completed now. I just feel ignorant to what role and responsibility TRP has in actually completing the forms correctly. Is it the sending or receiving entity that bears the responsibility?
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