- posted
11 years ago
Unwanted Premature Distribution
- Vote on answer
- posted
11 years ago
their money market funds that I had invested in. They did this on 6/22 and issued a Premature Distribution of $7k to me.
check. I do not have a check in hand, and just called Legg Mason and they also show the check not being cashed.
limit. Am I out of luck?
Something doesn't sound right here. What happens in my IRA, stays in my IRA. Funds are bought and sold, as are stocks. Google buys Motorola, the cash stays in the account. A fund getting closed out shouldn't change this, worse case, it should have stayed in the IRA as cash on deposit.
You should call them back and tell them you expect they will correct this. You don't want a new check, you want the money to remain in your IRA.
Do you get monthly statements from them? You should have had the ability to see this issue before now. This might be the only reason they'd have to not accept your request.