Can I rollover investments from another retirement account to an Honest Dollar IRA?
Yes – after you open an IRA with Honest Dollar, you can begin the process of rolling over your existing IRA, 401(k), or other workplace retirement plan from your Honest Dollar dashboard. Before deciding to rollover a retirement account, you should consider your personal circumstances and needs. Click here to learn more about rollovers.
If you are looking to rollover an existing IRA, please ensure the type of IRA you open with Honest Dollar is the same IRA type (e.g., Roth, Traditional, or SEP) as the IRA you plan to rollover, as we do not support rollovers between different IRA types.
Below is an overview of the process:
1. Begin rollover: On your dashboard, click the “Get started” button to answer a few questions about what type of account you are rolling over from. Your answers will be shared with our team to help us guide you through the process and initiate your rollover
2. Depending on the type of rollover you are doing, below are the steps you’ll take after initiating the rollover request from your dashboard:
3a. IRA to IRA rollover: If you are rolling over your funds from an IRA, once you provide the information in step 1, we will work with the custodian of your current account to rollover your full IRA balance to your Honest Dollar IRA. We’ll let you know if we need anything else; otherwise, keep an eye out for a notification when your rollover is complete.
3b. Workplace retirement savings (e.g., 401(k) to IRA rollover): If you are rolling over your funds from a workplace retirement savings plan, such as a 401(k), after you provide the information in step 1, you will need to call your plan provider to initiate the transfer of funds to Honest Dollar.
4. You can always schedule a call with us and we’ll help you with this step. If you’d like for us to set up a call between you, us, and your plan provider after you’ve initiated the rollover request in your dashboard, contact us to let us know your availability. During the call, it will be helpful for you to have your latest statement and your Honest Dollar account number** on hand.
If you’d like to initiate the rollover with your plan provider on your own, below are the instructions:
A. Call your plan provider using the dedicated phone number on your statement. You may be asked a few identity verification questions, including your employee ID number or social security number, so keep that information handy.
B. On the call, request a direct rollover from your plan provider either by requesting a check or a wire transfer using the instructions below. It’s very important to ensure the check is made out to Apex Clearing and not to you directly to ensure the rollover is considered a “direct” rollover.
Option 1: Mail a check
- Request that your plan provider make the check payable to: “Apex Clearing FBO* [Your Full Legal Name and IRA type]”
- Provide your 8-digit Honest Dollar Account Number** and request that your plan provider include this information in the memo section of the check.
- Ask your plan provider to mail the check to:
Apex Clearing c/o BroadRidge
Attn: BPO Treasury Dept.
2 Gateway Center, 16th Floor
283-299 Market St.
Newark, NJ 07102-5005
- You may want to ask your provider to use certified mail or a similar tracking service to ensure the check is not lost in the mail. If the check is mailed to you instead of the above address, you should confirm that the check is made payable to “Apex Clearing FBO* [Your Full Legal Name] [Account Type] IRA” and mail it to the above address within 60 days.
Option 2: Wire transfer
- If you choose to have the funds sent via wire, please include the below information with the wire. Please note, wires may be subject to wire fees.
ATTN: Apex Clearing
Bank Information: BMO Harris Bank, 111 W. Monroe St, Chicago, IL 60603
ABA: 071 000 288
Account Number: 3713286
Client Name: [Your Full Legal Name]
Apex Clearing Account Number: [Your 8-digit Honest Dollar account number**]
Apex Account Type: [Your IRA type]
- Please ensure we receive your funds within 30 days.
At this time, we do not offer SIMPLE IRAs or support SIMPLE IRA rollovers. We only support rollovers to the same account type. For example:
- If you want to rollover your Traditional 401(k) to an Honest Dollar account, please open a Traditional IRA.
- If you want to rollover your Roth 401(k) to an Honest Dollar account, please open a Roth IRA.
We also only support full liquidations in cash and cannot process partial liquidations or transfers of securities or assets other than cash. If you select an IRA to IRA rollover, we will ask your provider to liquidate your account and send us the funds as cash.
As a reminder, you can schedule a call with us at 1-855-783-7283 and we can help facilitate the steps above. Our hours of operation are Monday through Friday, 9am – 6:30pm (ET).
* FBO: "for benefit of"
** Your Account Number is located at the bottom of the "Profile" section of your Honest Dollar account and is formatted as: "8XXXXXXX"