Thread regarding Wells Fargo & Co. layoffs

OP here:

Just clarifying. Appreciate everyone’s feedback. I am no expert on the topic, but a close friend of mine retired from WFC in 2020 and was, in fact, able to rollover her 401K to her WFC IRA. The account was liquidated and the cash was transferred to her IRA electronically for her FA to reinvest. This was prior to the switch to Empower. I can’t say for sure, but I would hope that most 401K rollovers do not entail putting million dollar checks in the mail (mine not so large.).

What the gentleman from Empower said is that “Empower does not have a signed agreement with WFC to accommodate electronic rollovers.” If he was mistaken about something as important than that - that would be a cause for concern as well.

You can't ACAT 401K to IRA.

401k rollovers are almost universally done by check. The difference between plans is whether they take verbal instructions or written and can send to the IRA custodian or to the owner's home.

A transfer between brokerage accounts is not at all the same as a 401k rollover. 401k accounts have serious protections, tax treatment, accounting requirements, and regulations that simply do not apply to garden variety investment accounts.

Paper checks and heavy duty paper trails are very normal for these types of employer sponsored vehicles. Even companies with the best tech still cut paper checks for this kind of transaction. You even have to have the check written a specific way when doing a direct rollover.

Empower does have an option for FedEx, with a fee.

That doesn't sound possible. You should be able to ACAT practically to any brokerage account. I think someone lied to you or didn't know. Either way, it's not good

How is this even possible?! Did you contact FINRA and the DOL? You should.

Wells Fargo ancient systems and lazy people process everything in slow motion. Wells Fargo requires three business days to process ACH bank transfers between bank in US. Dont ever bank at Wells Fargo! They cheat customer funds Chase can do transfer at real time instantly.

Send it to Vanguard instead. Crazy low fees. I bank with WF, but most of my retirement stuff is at VG.

Wow, good to know. Hopefully they use FedEx.