More Evidence TIAA-CRAP is Just That

Not so hypothetical situation: You need to take an unscheduled
distribution from a beneficiary-on-death account, say a 403B or IRA.
The TIAA way- they mail you a form, you fill it out, and they process
it. But wait ....... when do they process it? At their f*cking leisure.
You check their web site. Not processed yet as of last night (I'm
checking at noon). But wait ....., there's more. Or should I say LESS!
Unlike most mutual funds that sell your shares using the closing price
at the end of the day, TIAA-CRAP looks at yesterday's price and today's
price and gives you the lower of the two. That's right, they sell at
today's price (if it is higher) and pay you off at yesterday's price
(which was lower). Uptick redemption, but pay off at downtick
valuations.

The Fidelity way- you do all your transactions directly via the web. No
damn paperwork, no delay. You sell sufficiently before market close,
you get closing price. By 4:00 AM of the next day you see the results
of your transaction. No switcheroo or disadvantageous selling. Guess
where Mr. Holmes is transferring his money?

Re: More Evidence TIAA-CRAP is Just That

wrote:
> Not so hypothetical situation: You need to take an unscheduled
> distribution from a beneficiary-on-death account, say a 403B or IRA.
> The TIAA way- they mail you a form, you fill it out, and they process
> it. But wait ....... when do they process it? At their f*cking
leisure.
> You check their web site. Not processed yet as of last night (I'm
> checking at noon).


But when did they get your form? You didn't say. So how can anyone
tell if this is slow or fast?


But wait ....., there's more. Or should I say LESS!
> Unlike most mutual funds that sell your shares using the closing
price
> at the end of the day, TIAA-CRAP looks at yesterday's price and
today's
> price and gives you the lower of the two. That's right, they sell at
> today's price (if it is higher) and pay you off at yesterday's price
> (which was lower). Uptick redemption, but pay off at downtick
> valuations.
>
> The Fidelity way- you do all your transactions directly via the web.
No
> damn paperwork, no delay. You sell sufficiently before market close,
> you get closing price. By 4:00 AM of the next day you see the results
> of your transaction. No switcheroo or disadvantageous selling. Guess
> where Mr. Holmes is transferring his money?