Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Trending News
I need advice on closing a money market account and an IRA account.?
I don't feel comfortable about the agent/company/terms of 2 accounts I have with First Investors. The sales fee for the IRA account is 10% of every deposit I make, which to me is absurd. If I make that back in interest I'll have a cow. Also, I'm not sure investing is what's right for me. I have student loans and other things that require my money. Can I close the two accounts (money market and IRA) and get my money back without a hassle? Also, most important, is there any way I can get back the $60 in sales fees I've lost so far on the IRA? Thanks to anyone who has any good info.
4 Answers
- lynnLv 51 decade agoFavorite Answer
You can close these accounts without hassle, since the money you have invested is already taxed. Just don't go closing any 401K that you will incur taxes and penalty fees on for early withdrawal.
Unfortunately, you will not get back the $60 in sales fees, you already agreed to paying this when you opened the account.
On another note, we all lost money in the market. BUT, you also should consider that the market will turn itself around. The price you're paying for your stocks are really low right now, so you're buying more stocks in your money market & IRA. Once the market turns around, you're going to see yourself earning more than you thought. This could take a couple of years, but if you still have at least 20 years before retirement, you should leave your money there and watch it grow, although this will take some time. Be patient.
- 1 decade ago
If it's a true IRA, you'll take a penalty for using that money before retirement. The money market should be your to do with as you please. If I were you, I'd move them to another financial institution that has reasonable fees before you just close them. Take the time to do your research on the different companies and different fees. You could always complain about the fees to your current institution and let them know you'll be moving your money out. If you're unhappy about the fees now, check on the ones they'll tag you with to close/move your money.
I use Ameriprise Financial and couldn't be happier with the service. Check with an adviser other than the one you currently have for advice on what to do with your current assets.
- Anonymous1 decade ago
For the IRA, you should simply do a direct custodian-to-custodian transfer. That way there is no tax impact. All you need to do is pick the new custodian that you want and they can tell you how to do the transfer. 10% of every deposit is highway robbery.
As for a money-market account, closing one is a simple matter. Just do it.
- Anonymous1 decade ago
1. kall em & tell em tu kloes yer akkount.
Evree plaes weer I hav had a akkount, & kloesed it em sent me mi munee rite awae, no problem
2. However for IRA, transfer it tu sum other plaes. Find a mutual fund kumpanee yu like & fill out theer forms. Em will take kare av get the munee from yer old akkount.
3. No, yu kant get bak fees yu paed.
4. If yu hav NE problems, send em a registered letter.
