FREQUENTLY ASKED QUESTIONS
1. What is a Rollover?
A Rollover is the process of moving your retirement account with a previous employer into an Individual Retirement Account (IRA). Rolling over to an IRA allows you to keep your account tax-deferred.
To learn more about how to roll over your retirement account into an IRA, see #3 below, "How do I roll over my retirement plan to Capital One 360 or ShareBuilder?"
2. Why roll over my retirement plan?
When you change jobs, it's easy to forget about your retirement account. Rolling over your 401(k), 403(b) or another retirement account into an IRA allows you to take charge and actively manage your retirement account. It also allows you to keep your retirement money in a tax-deferred account.
3. How do I roll over my retirement plan to Capital One 360 or ShareBuilder?
If you don't have one already, the first step is to open an IRA. Then, follow the instructions below to roll over your retirement plan from a previous employer.
Savings Accounts and CDs
Follow these instructions to request a rollover into your IRA Savings Account with Capital One 360:
Once you have opened a ShareBuilder account, use the online tool to transfer your assets.
4. How long does it take for a rollover to be complete?
Once we receive all your paperwork, the process normally takes anywhere from 3 to 6 weeks. In some instances, it may take longer.
5. What is a direct rollover?
A direct rollover is the payment of your plan distribution directly to a traditional IRA or other eligible retirement plan of your choice. Your direct rollover distribution check may be given to you or sent directly to Capital One 360 or ShareBuilder. In all instances, however, the direct rollover check must be made payable to:
6. Are there any tax penalties when doing a rollover?
When you roll over your money directly from a 401(k) or another type of retirement plan into an IRA, there are typically no tax penalties.
7. Does it cost anything to roll my account over?
Capital One 360 and ShareBuilder will not charge you to roll over an IRA or 401(k). However, the other financial institution may charge fees for transferring the retirement plan to us.
8. What type of retirement plans can I roll over into an IRA?
There are several types of qualified retirement plans that can be rolled over into an IRA:
If you have any questions, contact a Retirement Specialist at 877-464-0292.
9. How do I request a rollover from my previous employer?
Contact a Rollover Specialist using the information below:
10. Can I roll over my retirement money if I received a distribution check?
You can roll it over if the check is made out like the following:
However, if the check is made out in your name, you may have to deposit this check into your checking account and write out a check to either Capital One 360 (for a savings account) or Capital One ShareBuilder, Inc. (for an investment account) for the entire amount. You normally have 60 days to roll over the funds into an IRA to avoid any penalties and taxes.
Banking services are provided by Capital One 360, a division of Capital One, N.A., member FDIC.
Securities products are offered by Capital One ShareBuilder, Inc., a registered broker-dealer and Member FINRA/SIPC. Capital One ShareBuilder, Inc. is a subsidiary of Capital One Financial Corporation. Brokerage Financial Statement
Securities products are: Not FDIC insured • Not bank guaranteed • May lose value