The offer was reluctantly accepted this week, but Ms. Kane remains unhappy with how the bank handled the transfer. “You don’t waste a month’s time when you’re dealing with people’s money,” she said.
It turned out that the transfer was held up by a box that was inadvertently ticked when Ms. Kane and her husband filled out their transfer forms. They requested a mix of cash and investments be transferred by InvestEase, and so-called split transfers like these aren’t available. An electronic system exists for transferring commonly held investments like stocks, exchange-traded funds and mutual funds – it’s called Account Transfer Online Notification. ATON hasn’t solved the problem of delayed transfers, though.
Ms. Kane’s story shows how the transfer process can break down, even in what appeared to be a straightforward transfer within the same bank.in the accounts held by her and her husband on April 14 to May 2 and May 4, the days that assets arrived in the new Direct Investing accounts.
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