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A few years ago Academy Bank in Branson had some super good IRA and regular CD rates. Since, that time, they have came down and we have moved all our liquid assets to BKD and Charles Swaubb.  

We have been trying since March to get these assets transferred and Academy will not give them up. They put us on hold for hours at a time, refer us to department after department and in the end they still have the money, which is substantial and not making squat with them while our BKD portfolio is blowing up. 

Becky has spent another 3 hours today on this along with our other advisor and they just will not transfer the assets. 

Is it time for legal help or any ideas would be appreciated. 

 

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What is the reason they are giving you for not transferring the funds?  

Don't know who BKD is, but as far as Schwab you should be able to go to the Schwab customer service people and have them transfer the funds to your Schwab account.  They can take on the folks at that bank.  

 

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42 minutes ago, Quillback said:

What is the reason they are giving you for not transferring the funds?  

Don't know who BKD is, but as far as Schwab you should be able to go to the Schwab customer service people and have them transfer the funds to your Schwab account.  They can take on the folks at that bank.  

 

I agree.  We’ve always used the incoming institution to get the funds for us.  My wife is doing it now moving her 401k out to an ira.  I did it earlier this year when I turned 59 and a half.  

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We have signed every transfer request and today the folks at Schwab,  called Becky for some more help. Said they had never been thru this. Academy would not budge. 
 

On a portion of it today at after 6pm this evening Becky got them to transfer sime of the CD’s to her money market acct at Academy. 
 

They fought with her for an hour telling her how much money she would lose with the early withdraw. Big butt deal at .45%
 

She still has to call again tomorrow to work on the IRA stuff. Never bank with these people regardless of any rates they are offering. 
 

Been a total nightmare 

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14 hours ago, Bill Babler said:

We have signed every transfer request and today the folks at Schwab,  called Becky for some more help. Said they had never been thru this. Academy would not budge. 
 

On a portion of it today at after 6pm this evening Becky got them to transfer sime of the CD’s to her money market acct at Academy. 
 

They fought with her for an hour telling her how much money she would lose with the early withdraw. Big butt deal at .45%
 

She still has to call again tomorrow to work on the IRA stuff. Never bank with these people regardless of any rates they are offering. 
 

Been a total nightmare 


https://www.finra.org/investors/have-problem/file-complaint
 

As a Investment Advisor Representative, usually these types of funds are pulled over to new accounts through custodian such as Schwab. I’ve never had an issue with the process. 
 

If someone sells securities you are registered with FINRA… I would tell them you are going straight to FINRA and discussing options. I’d think they would straighten up real quick if they like their licenses. 

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File complaints with Missouri Attorney General's Office and the Springfield Better Business Bureau detailing the dates you made the numerous phone calls, time of day of the calls , time spent on the phone calls,  name of Departments and, if you can, the names of the employees you spoke with. 

Be as specific as possible and detail oriented.  It will go on their record as a consumer complaint which will help not only you but others too. 

I'm not familiar enough with Federal statutes to know if this action comes under F.D.I.C. regulations or not but surely this Academy Bank is insured by the FDIC and they may have violated some law(s) by refusing a depositor's withdrawal request.....OR....they might be getting close to insolvency and did not have the funds available and are trying to cover it up. 

 

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