401k Checkbook | 401k Checkbook at Bank | 401k Checkbook at Broker | 401k Checkbook at Credit Union
As a Solo 401k provider, MySolo401k.net has extensive experience when it comes to making sure you open Solo 401k with checkbook control (known as 401k checkbook) at all financial institution types such as banks, credit unions and even broker dealers. As a matter of fact, many of our new clients’ convert their existing Individual 401k or Solo 401k, SEP IRA, SIMPLE IRA and Traditional IRA with Fidelity, Charles Schwab, TD Ameritrade, and E-Trade to a self-directed Solo 401k also known as 401k checkbook from MySolo401k.net, all while continuing to use the existing brokerage firm.
While gaining access to 401k Checkbook is straight forward, the confusion lays at the financial institution level. Reason being, either the bank that you approach to open 401k checkbook either has not trained their staff or, in the case of brokerage firm, the wrong paperwork is completed. As such, we provide all of our new clients’ with a Solo 401k Checkbook guide to take to their local bank, credit union or brokerage firm that explains the 401k checkbook process. We have also published blog titled Solo 401k Checkbook Control Explained which can be accessed through any web browser.
Here’s a breakdown of 401k Checkbook process by bank, credit union, and brokerage firm:
401k Checkbook at Bank
While many banks have yet to train their staff on 401k checkbook process, Wells Fargo bank appears to be at forefront of this process. Other big banks such as Chase bank and Citi Bank are slowly catching on. Nonetheless, we have found that after they read our 401k checkbook guide or blog, they quickly understand the process. Since all 401k plans, including Solo 401k, fall under Trust law, some of the coming pitfalls entails the bank thinking that you are trying to open a family or living trust when in effect you are simply looking to establish a basic checking account for your Solo 401k.
401k Checkbook at Credit Union
Just like some banks, not all credit unions have educated their employees on 401k checkbook process. However, we have found credit unions to generally comprehend the process after reading our Solo 401k checkbook Control blog.
401k Checkbook at Broker
Of all the brokerage firms, we have noted that Charles Schwab, Fidelity and TD Ameritrade, understand the 401k checkbook feature the best. As a result, many of our new clients’ have converted their existing Individual 401k or Solo 401k and even SEP, SIMPLE and Traditional IRAs to 401k checkbook from MySolo401k.net while still continuing to use one of these brokerage firms.
You can learn more about gaining 401k checkbook control at your current brokerage firm by reading following blogs:
