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#33068 - 09/17/02 04:17 PM 401k payout stolen en route?

I have reported it to the 401k office. They have reported it to the bank that issued the check. I signed an affadavit of forgery. I have been waiting 3 months & haven't been contact by the bank. Every time I call the 401k office, they tell me the bank is handling the issue and they cannot interfere with the banks investigation. They do not know what the bank is doing. They won't even give me the name of a contact at the bank. I tried to contact the bank myself but I have a bad copy of the check & can't read the name.

Can I do anything to facilitate this? I can't believe I'll have to wait indefinitely.


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#33069 - 09/17/02 05:17 PM Re: 401k payout stolen en route?
KSK Offline
Gold Star
Joined: Jul 2001
Posts: 357
I'm not sure I fully understand your situation, but based on what I think your problem is, here are a few suggestions

1) Pull your most recent 401(k) statement. Hopefully that will give you information on who the trustee is for your companies 401(k) plan and contact information.

2) Call the bank and ask to speak to the Relationship Manager or the Administrator for your companies 401(k) plan.

3) Calmly explain your problem. Tell them that you requested a distribution (or loan or whatever your specific situation is) from the plan on such-and-such a date. Explain to them that you never received those proceeds.

4) Confirm you mailing address with them and request that the a stop payment be issued on the original check and that the funds be re-distributed to you. Rather than having the funds sent via check, you might consider giving the bank your checking or savings account information and having the funds "ACHed" into the account or if time is critical, have the funds wired to your checking or savings account. (Caution though there may be a wire fee assessed to you)

If the bank is unable to provide the assistance you need, you might ask them if the recordkeeper is the party that could help you. If so, then basically ask the same questions.

If these steps don't help add a new post and I might be able to give you some additional avenues to pursue.

But my ultimate suggestion would be to speak calmly, give as many of the facts as you can, don't get frustrated if you have to repeat your story to several people (most likely the person on the other end of the telephone is just trying to get you connected to the right person or department), be firm, and be tactful.

Good luck!

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#33070 - 09/17/02 05:55 PM Re: 401k payout stolen en route!

I think I'm at the point where your reply ends.

The check has cleared the bank. 401k admins have been notified; issuing bank has been notified. I've been told I must wait until the 'bank of first deposit' as they put it finishes its investigation. This was 3 months ago.

Is there a time limit on how long the investigation can take?

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