How do I transfer money to my account? And how long does it take?
You can fund your account in three ways: Contributions, Rollovers, and Transfers
Contributions can come directly from your bank account, or you can have your employer set up a direct deposit to your IRA. There is a limit on contributions at $6000 a year.
Rollovers are client-initiated transactions from an existing 401(k) retirement plan to a new IRA or 401(k). The timeline for rollovers is dependent on the institution that holds your retirement plan.
Transfers come from an existing IRA account that you hold at another custodian. To do a transfer you would need to fill out a Midland transfer form with your current custodian information and upload that to your Midland account. From there we complete the paperwork and send it directly to your other custodian. Depending on the custodian, transfers can take anywhere from 3-10 business days. Transferring of assets can take up to 8 weeks to finalize.