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Schwab To Offer 15-Minute IRA Rollovers

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NU Online News Service, Sept. 23, 2004, 5:41 p.m. EDT

The brokerage arm of Charles Schwab Corp., San Francisco, has agreed to use individual retirement account rollover products and services from RollOver Systems Inc., Charlotte, N.C.[@@]

The RollOver Systems service can help 401(k) plan participants who are leaving their employers transfer 401(k) plan funds to new IRAs in about 15 minutes, RollOver Systems says.

The automated transaction time compares with a typical transaction time of about 8 weeks for workers who complete transfers using the traditional rollover process, RollOver Systems says.