2

Last week, I initiated a Roth IRA rollover from Brokerage A to Brokerage B. On Friday, the check from Brokerage A was cashed in by Brokerage B, and the funds became available at Brokerage B as of this morning.

However, it appears that Brokerage B cashed in the check twice. My account balance at Brokerage B is now exactly double my original account balance that I was rolling over from Brokerage A.

What do I do? Who do I report this to? What are the legal/tax implications of this?

  • Contact brokerage B's support. They'll fix it and there'll be no legal or tax implications, unless you do something dumb like cash it out before they notice. – ceejayoz Nov 4 at 13:34
  • Thank you, I will contact them ASAP. – John Jay Pershing Nov 4 at 13:54
  • @ceejayoz Why not make that an answer? – Nosjack Nov 4 at 14:06
  • @Nosjack If you insist. I felt the question was largely off-topic. – ceejayoz Nov 4 at 14:08
5

Contact brokerage B's support. They'll fix it and there'll be no legal or tax implications, unless you do something dumb like cash it out before they notice.

1

The issue could be at the old broker or the new broker. Either the new broker cashed the same check twice, or the old broker sent the transaction twice.

You should contact both to determine the issue. When some people do a rollover they have the check go though them, others have the check sent directly between the brokers, in other cases it is electronic and there is no paper check.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.