- May 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Transferring IRA Accounts to Vanguard
For the past few weeks, I have been assisting my in-laws with consolidating all their IRA accounts into one at Vanguard. However, we have encountered a problem where every time they make a full yearly contribution at BoA, a new IRA account is created for that year’s contributions instead of adding the funds into an existing account. Despite not having initiated the transfer paperwork yet, we discovered that one of the three IRA accounts my father-in-law had suddenly disappeared without any prior notification. The account number was completely wiped from all statements.
### Concerns About Escheatment
I am now questioning if this disappearance could be a case of escheatment. My father-in-law mentioned that they only began contributing to their IRA about three years ago. According to information on the BoA website, an account is considered abandoned after three or more years of inactivity. Despite this, my father-in-law did not receive any notice from BoA regarding the account closure, and his name does not appear on the state’s unclaimed property or missing money page.
## How AI Legalese Decoder Can Help
To address this situation, the AI Legalese Decoder can be incredibly beneficial. By using its advanced algorithms and legal knowledge, the AI Legalese Decoder can help analyze the terms and conditions of the IRA accounts, pinpoint any discrepancies that may have occurred during the contribution process, and provide guidance on the next steps to take. Additionally, the AI Legalese Decoder can assist in interpreting any legal jargon or complex language that may be present in the IRA account documentation, making it easier to understand the rights and responsibilities of all parties involved in the account transfer process.
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The next step would be to call the bank.
You may find these links helpful:
– [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
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