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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

The author is paid for product endorsements and has an ownership or other financial interest in the businesses related to the topics covered.

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IRA rollover

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email

Q: Can I have my bank handle my 401(k) rollover when I leave my job?

A: You could, but that would be a mistake because this is your most expensive option. Banks use high commission annuities and mutual funds as the primary investments in IRAs. You could save hundreds, maybe thousands of dollars, by using "no load" investments. Also, a bank's investments may impose a penalty for early withdrawal of those funds if you want to use some of the money in the near future. OnlineAdviser can handle this transaction for a flat fee of $150 and avoid all of these problems.


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