One of the calls yesterday was to MetLife which is where my Roth IRA was. I wanted to withdraw some of my contributions as it would account for more than 50% of my downpayment and closing costs. Follow along with this conversation and see if you can guess where my heart stopped.
Hoyt - I would like to withdraw X from account.
Drone - Ok. No wait you can't withdraw X since you wouldn't have the minimum account level.
Hoyt - Then just withdraw amount that leaves minimum.
Drone - Ok. No wait you just made a deposit didn't you?
Hoyt - Yes.
Drone - Oh, then you can't make any withdrawls for 30 days.
Hoyt - Uh, what?
Drone - I'm sorry sir that is policy.
Hoyt - I can't have my own money?
Drone - No.
Hoyt - Can you check on that?
Drone - Ok.
Ten minutes of hold time later.
Drone - I was wrong, you just can't withdraw over phone.
Hoyt - Ok, then how.
Drone - Fax in.
Hoyt - Ok.
Drone - Oh and there will be a fee / penalty for withdrawl.
Hoyt - Great how much.
Drone - Over a third of the minimum.
Hoyt - Does the form for withdrawl allow for account closure.
Drone - Yes?
Hoyt - Good, send it to me.
Needless to say in short order I will no longer have a Roth IRA with MetLife. There web site was buggy and didn't offer useful info like the address to send deposits too. Which when asked about they said, dunno. I guess I will setup a new Roth IRA this fall with TIAA-CREF who has my 403(b).
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