I just finished signing up. When do I initiate a transfer for rollover?

Before we do your rollover, transfer, or contribution, we need to create your IRA first. Your IRA needs to exist before we bring dollars over from another custodian. 

Typically it takes 2-3 business days for an before an IRA can be ready to receive a transfer. 

For a solo 401(k), it’s 7 business days, as it must exist and have it’s checkbook bank account open before funds can be transferred.

Here are the steps below so you can get a sense of where you are in the process:

1. Sign up online at app.rocketdollar.com/signup
2. Sit back and wait for our support team. After our partner custodian has completed their identity check...
3. Receive documents and transfer instructions to fund your account.
4. Log back into our dashboard with app.rocketdollar.com/login and initiate a transfer request in the ADD FUNDS section of our transfer portal. Always initiate a transfer by starting with Rocket Dollar, and we will direct the request to your losing custodian.
5. You will sign a docusign transfer form related to the information you provided on your transfer request. If you are unfamiliar with Digital Trust, that is Rocket Dollar’s custodian.

FAQs

• You can do a trustee-to-trustee transfer unlimited times yearly when you move custodians. You can only do a 60-day rollover, where you take temporary possession of the funds for 60 days and put it back in another retirement account, once a year. Most transfers are trustee to trustee, 60-day rollovers must be done more carefully, and issues can arise if instructions are not properly followed.
• We can only accept cash rollovers or contributions from retirement accounts. We cannot accept any position or assets as an incoming rollover (called an In-kind rollover). If you would like to transfer assets by an in-kind transfer, please contact our specialized team.
• Your provider will usually sell the assets to clear them out to transfer. Remember if you want to call early or log in to sell positions, assuming market conditions and 1-2 day settlement times. If you do not do this, your losing custodian will usually contact you when they get the rollover request and ask if you are ok to sell, regardless of market conditions.
• We cannot accept Traditional/Pre-Tax Dollars into Roth IRAs. They need to be converted beforehand or you need two Rocket Dollar accounts, or you might need to pay a $100 Roth conversion fee. Roth conversions can typically be done for free at other