Thread regarding Wells Fargo & Co. layoffs

Access to 401k during cutover to new platform

I am sure it’s covered in the fine print but it’s disgraceful they lock us out of our 401ks for two weeks to do this. I could see maybe a Saturday and Sunday. But two weeks? What if there is a market event and we need to make changes? Seems like liability (if not in their fine print).

I would expect nothing less than this c-ap from the wheel less stagecoach and their new 3rd party. Hopefully one day we’ll actually get some solid funds and equity selections to replace the current garbage they give us. One benefit of layoff and leaving this place is moving your 401k elsewhere to make real returns and dividend.

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| 2823 views | | 22 replies (last January 6, 2021) | Reply
Post ID: @OP+18KpV3Er

22 replies (most recent on top)

Be aware that once you reach the age of 59.5 you can pull your money out of the 401k and do a direct-rollover into an IRA at another company (Fidelity or Vanguard, for example).

That takes WF totally out of the picture, except for new contributions into the 401k (which are a drop in the bucket if you've been accumulating money for a long time).

Then you can manage your money as you see fit, without involving WF at all.

That's what I did as soon as I heard about these 401k changes. I didn't have a warm fuzzy feeling over what they were doing, and I wanted to get my money totally away from WF. I'm more concerned about "technical glitches" and "confusion" during these changes, and I wanted to put my money where I KNEW it would be safe.

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Post ID: @2hek+18KpV3Er

@2fmc+18KpV3Er It’s the same wimps that are going thread to thread to complain to the OP of each about their thread content. Bunch of losers stirring up drama.

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Post ID: @2hac+18KpV3Er

Who said it was a scheme? Think folks or OP said incompetence in how slow or long it takes. Hold that mirror up with your own posts as you are fishing :)

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Post ID: @2fmc+18KpV3Er

If you can't go two weeks without touching your 401k, you're using the product wrong.

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Post ID: @1pje+18KpV3Er

A blackout period is standard when converting plans. 2 weeks is not a long time. It’s not some big scheme against employees. They sent a bunch of notices saying this would happen. Everyone was informed & was able to plan. Some of these posts are getting ridiculous.

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Post ID: @1sty+18KpV3Er

Some of these posts are just ridiculous. People flying of the handle claiming the blackout period is proof of some kind of scheme by company leadership. If you're wearing that kind of tinfoil hat, do us all favor and Google "401(k) blackout period". You'll quickly find that 10 business days is a very common duration for these things. It's a process, and it takes time to do it correctly. If you were worried about a market drop during the blackout period, you had plenty of warning and could have easily reallocated your investments to protect them from whatever short term dip you're concerned about. If you chose not to, who's fault is that?

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Post ID: @1mvn+18KpV3Er

I think they meant ‘MOMMY’

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Post ID: @1uhl+18KpV3Er

So, you aren't in a certain situation and you just want to complain. Got it.

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Post ID: @1ypo+18KpV3Er

Does anyone know what MOMEY is?

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Post ID: @1nfx+18KpV3Er

Post ID: @1btu+18KpV3Er

Sorry -I just realized I misread your question. But I have been able to moved around amounts greater than $5000 and have never experienced a waiting period.

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Post ID: @1chc+18KpV3Er

Post ID: @1btu+18KpV3Er

I am not a day trader, but have moved around dollar amounts larger than $5000 in my 401K, whether it be in WFC stock or any of the other choices.

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Post ID: @1jpb+18KpV3Er

It depends on what fund you move from/to. You can move between the WFC stock fund and Stable Returns funds without a waiting period.

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Post ID: @1hfn+18KpV3Er

Good idea @1fre+18KpV3Er... call Warren. Finally someone has an idea for Warren which she can monetize. Unfortunately you’ll never see a thing, but you just may learn a bit about your hero that most od us learned long ago...:-)

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Post ID: @1zqg+18KpV3Er

I believe if you move more than 5k of your existing funds you have to wait another 30 days. Can the “day traders” confirm this for me???

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Post ID: @1btu+18KpV3Er

For all you id–ts claiming day trading and implying the OP is not investing right. Keep in mind the 401k match deposited is in WFC shares. So, you keep your money in WFC and not move it? You’re ok with not being able to access YOUR MOMEY for weeks? Lol!

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Post ID: @1msv+18KpV3Er

Can anyone say class action!!! This goes against the constitution, i’m calling Warren

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Post ID: @1fre+18KpV3Er

What's next, getting p-ss-d the 401k isn't managed by Robinhood?

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Post ID: @1gxe+18KpV3Er

Wait!! You manage your 401k day to day based on market movements?!?!?

Oh boy

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Post ID: @1eoi+18KpV3Er

I never got my $600 check!! Can HR help me?

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Post ID: @1ykq+18KpV3Er

these people are a bunch of crooks for sure, glad I got a new job with better 401k and beneifits, not to mention bonus much higher, and pay 40% more

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Post ID: @hsr+18KpV3Er

day trading with your 401k is never a great idea. This place is a b–ch and whine zone.

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Post ID: @imo+18KpV3Er

The Wall Street lawyers told them they could do it so they did. The end of year timing is curious for the last deposit of your match before they wait a year and you know where the default investment is.

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Post ID: @oer+18KpV3Er

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