How fast can I open and fund a Self-Directed IRA account with Rocket Dollar?

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Gold members with Direct Custody accounts may be fully funded and ready to invest in less than two (2) weeks if the surrendering custodian wires the funds to Rocket Dollar. Silver members with a Direct Custody account will experience a turnaround time of approximately two (2) weeks before the account is fully funded and ready to invest. 

If you aren’t sure which Self-Directed IRA type to choose from please refer to our Custody or Checkbook IRA article to learn more about the differences.

Direct Custody IRA Timeline:

Disclaimer: Please understand that although the Direct Custody route is faster than the Checkbook IRA, the Direct Custody account setup timeline will also vary by investment and requires you to upload the necessary documentation as soon as possible to be reviewed by the custodian.

  1. IRA Account opening - 2 business days
  2. IRA Transfer - 4-7 Business days additional time for certain transfers, especially 401(k) Rollovers. Requesting a wire will be a massive speed improvement over a cheque, but could still take 3-5 days before your previous custodian will sell and settle funds to cash, issue a wire, and wire is sent and received over 24 hours. Your IRA Transfer can begin as soon as your IRA is opened. Delaying an IRA transfer or 401(k) rollover will significantly slow down completing your investment.
  3. Deal Review - 2-3 Business Days: Documents will be submitted to a Dropbox or your RAMP documents section. Please note that Dropbox is used because it has a robust notification system. If you upload documents to your RAMP portal, please email or call our team to make sure we are aware, as we get hundreds of document uploads per day. Be sure to include all needed documents, wire instructions, and a BLANK subscription document if possible. Your personal name or signature on the subscription documents or investment agreements will slow the process down, as we need to fill that spot only with the IRA name and the custodian's signature.
  4. After your review has been approved, your funds will be released to the investment of your choice.

Silver: Zero-to-funded in 2 weeks (If there is an issue with your transfer or account setup, this can take up to 3 weeks).

Gold: Zero-to-funded in 10 days (if there is an issue with your transfer or account setup, this can take up to 3 weeks).

Checkbook IRA Timeline:

Total Gold Checkbook IRA Account fulfillment Minimum Two Weeks.

  1. IRA Account opening - 2 business days
  2. Trust opening - 2 business days
  3. IRA Transfer - 4-7 Business days additional time for certain transfers, especially 401(k) Rollovers. Requesting a wire will be a massive speed improvement over a cheque, but could still take 3-5 days before your previous custodian will sell and settle funds to cash, issue a wire, and wire is sent and received over 24 hours. Your IRA Transfer can begin as soon as your IRA is opened. Delaying an IRA transfer or 401(k) rollover will significantly slow down completing your investment.
  4. Bank Account opening - 7 Business Days.

To keep your account moving forward,

  • Make sure you confirm your IRA Trust name.
  • Make sure to start your IRA transfer as soon as instructed, and choose a wire option from your losing custodian.
  • Please sign all DocuSigns from our partner bank, Bank United, as quickly as possible. If you must move funds ASAP, you can do a phone wire while waiting for online access.  

Silver:  The Checkbook IRA can only be purchased with the Gold Subscription Plan. To learn more, please click here.

Gold: Zero-to-funded in 2-3 weeks (If there is an issue or account setup, this may take up to 4 weeks).

Can I sign up for Direct Custody and then switch to the Checkbook IRA once my account is set up?

You can switch between accounts; however, this will not expedite the account opening process; in fact, it will take even longer. Please be sure of the account type you wish to open. If you are not sure which account to choose from, please contact our sales team for more information. If you feel like you made a mistake on your account type, contact our sales or support team ASAP.

Is there a way to make it faster?

If you call your custodian, complete all requirements, and inform them to expect a rollover document, you will greatly decrease the amount of time before a rollover is processed. Please add our support team’s contact information to your records. 

See our IRA account

 

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