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Valued Member
Posts: 32
Registered: ‎08-20-2017
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Transfer 401k between institutions

I have a 401k with my company at wells fargo. I have no other accounts with WF, and I was wondering if transfering the 401k to chase would be worthwhile. I presently have a single CC with chase, and the limit is my lowest card, but I have no other accounts with them. 

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Posts: 576
Registered: ‎07-08-2016
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Re: Transfer 401k between institutions


PoorPeatree wrote:

I have a 401k with my company at wells fargo. I have no other accounts with WF, and I was wondering if transfering the 401k to chase would be worthwhile. I presently have a single CC with chase, and the limit is my lowest card, but I have no other accounts with them. 


If you're happy with the investment options and returns you're getting at WF, I wouldn't transfer it. If you're not happy with the service, transferring is fine (provided your employer allows it), but you should research the options out there to find which one has the funds, manageability, and fees that are right for you.

 

You should not base your decision on which bank you have a CC with.

Valued Member
Posts: 32
Registered: ‎08-20-2017
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Re: Transfer 401k between institutions

thanks iced, I didnt realize there could be many problems with attempting to transfer a 401k, i've never had one until a year ago. 

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Valued Contributor
Posts: 2,072
Registered: ‎03-03-2015
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Re: Transfer 401k between institutions


PoorPeatree wrote:

I have a 401k with my company at wells fargo. I have no other accounts with WF, and I was wondering if transfering the 401k to chase would be worthwhile. I presently have a single CC with chase, and the limit is my lowest card, but I have no other accounts with them. 


Just an FYI, if your company offers a 401K, you can't just switch from your company-sponsored 401K to another one, you have to participate in the plan offered to you.

 



Starting scores: 552 EQ, 570 TU, 558 EX Current scores (9/29/17): 746 EQ 721 TU 719 EX

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