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uoow

January 31, 2009 02:24 AM

How can I transfer money from a bank account in maryland to my new account in california?

I recently moved from Maryland to California and left my IRA account in a bank back in MD. I was wondering what the best way would be to get the money from that account to my new account here in CA. I know I'll probably suffer penalties for closing the account early, but does anyone know how much of a penalty it would beas well? I was told that the old bank should be able to just transfer the funds electronically to my new account. Is that true? Any help would be appreciated.

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ssharon

February 01, 2009 05:03 PM

I would go into your new bank and speak with someone in person. This isn't as simple as just closing the account, paying a fee, and opening a new account. You can only deposit a certain amount of money into an IRA each year (I think $5,000 this year) and you don't want to end up in a situation where you withdraw $50,000 from your IRA in Maryland (and pay a $1,000 penalty just to make up a number) and then find out you can only deposit $5,000 in your new account in California. I'm not sure if this would even happen, but just the chance of it would make me go in and double check everything before I closed my old account.
Source(s):
I have bank accounts in 3 states and manage my wife's and my own IRA accounts.

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