When you set up your AltoIRA account, you’ll be prompted to transfer funds from an existing IRA. But, odds are, you're going to want to add more funds along the way.
You can initiate a transfer of funds to your AltoIRA account from your dashboard.
1. Locate the I Want To drop-down menu in the top right hand corner of your dashboard.
2. From the drop-down menu, select Transfer Funds to Alto.
3. Select the type of account from which you’ll be transferring money..
4. Enter the amount you'd like to transfer into your new AltoIRA.
5. Select the custodian that you'll be transferring from. You can find a full list of Transferring Custodians, average transfer speeds, and contact information here: Transferring Custodians. If you don't see your custodian listed, please select Other and let us know where your money is coming from. We'll gather their information and add them to our list.
6. Review the details of the transaction and, if they look good, esign and click Add Funds. If any of the details need tweaking, click Make Changes.
7. Proceed to Docusign.
8. Click Continue to indicate that you're ready to start the Docusign process.
9. Once you click Start, Docusign will automatically take you to the first input area.
10. Enter the Account Number of the delivering firm (from which you’re transferring money) and click Next.
11. Click Sign to esign the document, signifying that you authorize the transfer of funds to your new Alto account.
12. Click Finish to finalize the Docusign portion of the transfer process.
13. And, your Transfer of Assets form is e-signed! You're almost done.
All custodians require a current account statement to be faxed along with the Transfer of Assets form – so let's upload that now.
If your custodian requires a wet signature, medallion signature or only accepts Transfer of Asset Forms via US Mail, you’ll be prompted to follow a few additional steps before finishing the transfer process (see Wet Signatures, Medallion Stamps, and Physical Mail section below).
14. Select the account statement you would like to upload and, once the document is uploaded successfully, click Submit.
From here, we’ll send the Transfer of Assets paperwork to your custodian to initiate the transfer into your new AltoIRA. This can take a few days and timelines can vary depending on your custodian. While it's not necessary, it always helps if you call your custodian to inform them of the transfer and certify that you initiated it.
Wet Signatures, Medallion Stamps and Physical Mail
Some custodians require you to sign your Transfer of Assets form physically (wet signature), procure a medallion stamp from a local bank and/or mail your Transfer of Asset form directly to them.
Each of these has a slightly different flow within the Alto platform -- we'll walk through these below.
16. Wet Signature
A majority of custodians require what is referred to as a wet signature on Transfer of Assets paperwork. After you complete the Docusign portion of the Transfer of Assets process, the steps are as follows:
Printing your Transfer of Assets form.
b. Using a pen, sign your name next to your e-signature.
c. Scan the document you just signed, and upload it to Alto as "Wet Signed Version."
d. Click Submit, and then you'll be prompted to upload a recent account statement (see 14 above). Once you upload and Submit, we'll initiate the transfer with your existing custodian.
17. Medallion Stamp Guarantee
a. A small percentage of custodians require what is referred to as a Medallion Stamp on Transfer of Assets paperwork.
After you complete the Docusign portion of the Transfer of Assets process, the platform will prompt you to print the Transfer of Assets form and take it to a local bank, where you will sign in front of a bank employee so that they can verify your identity and provide you with a Medallion Stamp Guarantee.
b. Once you wet sign the Transfer of Assets form and acquire the medallion stamp, your printed Transfer of Assets form will look like this:
c. Now that you've secured your medallion stamp, scan the signature page of the Transfer of Assets form and upload it to Alto:
d. Lastly, as with all transfers, you will need to upload a recent account statement (see 14 above). Once you've completed this step, we will initiate the transfer process with your custodian!
18. Physical Mail