10 May 2009

Bank of America and the Ransom

I got a brochure from Bank of America about their pricing changes, and I learned that if you want to transfer an IRA to another financial institution, they will charge you $50 (!) to do so. They shouldn't hold someone's retirement savings for ransom. Here's a link (to a PDF) for it. You should probably transfer the funds out of a Bank of America IRA before 5 June, when the pricing changes go into effect.

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