retiredjg wrote: ↑Sat Aug 13, 2022 2:19 pm
My downgrade is complete. Pushed the button yesterday afternoon and had new brokerage accounts this morning.
Now everything I want to do will take two steps and two days instead of one step overnight. Joy. Joy.
At least the transition went smoothly....as far as I know.
Update. When I mentioned above that things will take two steps instead of only 1 step, several of you said that was not correct. Here is my experience so far.
I set up a taxable account today and it went fine. Took about 10 minutes. All is well there.
1.
Withdrawal from IRA - sent to taxable account. I was not allowed to exchange fund to fund because I wanted to withhold taxes. The only way to do that (withhold taxes) is by going through the settlement fund. So I will have to wait until the money shows up and then buy the fund I want. So this will take two steps and at least two logins and at least two days.
2.
Withdrawal from IRA - sent to checking account at my credit union.. Again, I wanted to withhold taxes but this transaction did not take two steps.
It said the money will show up in 2 to 3 days which is exactly how it worked on the old platform.
I will want to do a Roth conversion later on in the year - this will obviously take two steps if I want to withhold taxes and it only took 1 step on the old platform.
Not happy that I will have to log back in tomorrow to buy a fund in taxable, but everything else has gone very smoothly. So, bottom line....it is a mixed bag so far.