Grand Rapids Business Daily

How long to recieve a 401k cash out check?

I recently switched companies & I am cashing out my 401k. Its done, so I don't want to hear about it being a bad decision. I am just curoius how long to expect to wait for the check. Can it be direct depoited? Would that speed it up? Does anyone have experience with this?

Public Comments

1. Your distribution from the former 401(k) provider depends on the schedule they have set in their retirement plan documents. Sometimes it's the next quarter, sometimes the next year--check with your H/R department. Direct deposit has no effect on it.
2. If you haven't submitted your paperwork yet then move all of your money into a money market now. This will eliminate about 2 days for liquidation of assets. But in all reality..it's going to take 10-15 days and there's not much you can do to hurry it up. Direct deposit or wiring the money will speed it up but not all companies do that.