How to Transfer a Roth IRA Between Banks Without Losing Tax Benefits

I used to work at a financial institution that handled IRAs, so I can help you navigate this. What you're describing is the difference between a "trustee-to-trustee transfer" (direct transfer between banks) versus a "60-day rollover" (where you receive a check and deposit it yourself). You can absolutely request a distribution check from your current Roth IRA and then deposit it into your other Roth IRA, but you must complete this rollover within 60 days to avoid potential penalties or tax complications. The check would be made out to you personally. When you deposit it into the new Roth IRA, make sure to inform the receiving bank that this is a Roth IRA rollover contribution. One important limitation: IRS rules allow only ONE IRA rollover per 12-month period across ALL your IRAs (both traditional and Roth). If you've already done a rollover in the past 12 months, you'd need to use the direct transfer method instead. For your multiple account situation, I'd suggest getting everything in writing from both banks. It sounds like the original bank is creating unnecessary complications. Consider filing a complaint with the CFPB if they continue to create unreasonable barriers.

After dealing with similar Roth IRA transfer headaches, I found a service called taxr.ai (https://taxr.ai) that seriously saved me time and frustration. I was having almost identical issues with my bank refusing to process my Roth IRA transfer correctly and confusing my contributions with my earnings. The taxr.ai service helped analyze all my Roth IRA documentation and showed me exactly what forms I needed to submit to make the transfer happen properly. They pointed out that my bank was misclassifying my Roth IRA accounts, which was causing the transfer rejections. Once I had proper documentation from taxr.ai, both banks finally processed my transfer correctly. The detailed report they provided also helped me verify that all my contribution records were properly maintained during the transfer, which is crucial for potential early withdrawals from Roth contributions.

I was in the same situation as OP with my Roth IRA stuck at a terrible bank. After seeing the advice here, I tried https://taxr.ai and it was actually really helpful. I uploaded my jumbled mess of Roth IRA statements and they sorted everything out. The report they generated showed that my bank had been inconsistently categorizing my Roth contributions across the multiple accounts I didn't even know I had (just like OP's situation). They provided documentation that clearly traced all my contribution history that I was able to present to both banks. When I showed this documentation to my receiving institution, they were finally able to process the transfer correctly. The whole thing took about a week to resolve after months of frustration. The service also helped me confirm that I wouldn't trigger any of the IRS rollover limitations with my specific situation. Definitely worth checking out if you're stuck like I was.

When I had trouble transferring my Roth IRA, I couldn't get anyone on the phone at either bank. After weeks of waiting, someone told me about Claimyr (https://claimyr.com). You can see how it works here: https://youtu.be/_kiP6q8DX5c I was super skeptical at first because getting through to financial institutions seems impossible these days. But I tried their service and they got me connected to an actual human at my bank within 10 minutes! I explained my Roth IRA transfer situation and got it resolved in one call. For the second bank, I used Claimyr again and got through to their IRA department immediately. No more waiting for hours on hold or getting disconnected. Turns out I needed specific transfer acceptance documentation from the receiving bank that wasn't included in the standard forms. If you're struggling to reach actual humans who can help with your Roth IRA transfer, definitely give them a try.

I take back what I said about being skeptical! I tried Claimyr yesterday after nothing else was working with my Roth IRA transfer nightmare. Got connected to a real person at my bank in under 15 minutes after trying for WEEKS on my own. The bank rep immediately saw the problem - they had been sending the transfer forms to the wrong department because of how my accounts were classified internally. One 20-minute call and they were able to initiate all three transfers correctly. Then I used it again to call the receiving bank and confirmed they had everything they needed. Saved me so much time and frustration! My Roth IRA transfer is finally processing after being stuck for months. Sometimes you need to actually talk to a human to get things fixed, and this made it possible.

I had this exact same problem last year. What worked for me was requesting what's called a "direct rollover distribution" from the bad bank. Tell them you want the check made payable to "New Bank FBO (For Benefit Of) Your Name, Roth IRA". This is different from having the check made out to just you personally. When it's made out to the new bank FBO you, it doesn't count against your once-per-year rollover limit because technically it's still a direct transfer - the money is never actually in your possession even though you're physically moving the check. I did this with Vanguard and TD Ameritrade and it worked perfectly. The key is getting the check made out correctly.

Have you tried contacting your state's banking regulator or filing a CFPB complaint? I was stuck in a similar situation with my Roth IRA transfer and filed a complaint with the CFPB. Magically, my transfer was processed within a week after months of excuses. These banks hate regulatory attention and often have dedicated teams to address CFPB complaints quickly. Just be specific about the timeframes, communications, and excuses you've received. Include all the details about the three accounts and how they failed to disclose this information initially. The CFPB complaint process is easy and can be done online in about 15 minutes.

This is such a frustrating situation, but you have several good options to get unstuck! Based on what others have shared, I'd recommend trying the "direct rollover distribution" method that @Dmitry Popov mentioned. Having the check made out to "Decent Bank FBO Jamal Wilson, Roth IRA" is brilliant because it bypasses the rollover limitations while still letting you physically move the money. Since you now know you have three separate accounts, you could potentially do this for all three accounts simultaneously without violating any IRS rules, since they'd all be direct transfers rather than rollovers. Given how uncooperative your current bank has been (seriously, waiting 3 months to mention you have three accounts?!), I'd also strongly suggest filing that CFPB complaint as @Ava Garcia recommended. Banks typically have 15 days to respond to CFPB complaints, and it often gets you connected to someone who actually has the authority to resolve your issue. Document everything - dates, names, what each person told you, the runaround you've gotten. This kind of behavior from a financial institution handling retirement accounts is exactly what the CFPB exists to address. You shouldn't have to jump through hoops to move your own money between your own accounts!