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Submitted 374 days ago...

Tyche614

Tyche614

New User (1)

How long does it take to receive money from a 401k when money is withdrawn?

Our tenant is late on rent and claims they are waiting for money they withdrew from their 401k and I'm wondering how long it will take them to receive a check.

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Answer 1 / 8 - Submitted 374 days ago...

guido

guido

Expert (989)

If they are being sent a check from the financial institution it should take 7-10 days.

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Answer 2 / 8 - Submitted 374 days ago...

FRY244

FRY244

New User (3)

Depense on the case management 6,mo.1, yr. maybe two or three years

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Answer 3 / 8 - Submitted 374 days ago...

FRY244

FRY244

New User (3)

One month = 15-30 days

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Answer 4 / 8 - Submitted 374 days ago...

Fakery

Fakery

Brain (2,579)

It could take 1-2 weeks to have all the paper work filled and a check mailed out and cashed.

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Answer 5 / 8 - Submitted 98 days ago...

ercnbky

ercnbky

Beginner (48)

This all depends on the rules of the plan itself. Some plans do not allow for a "withdrawl" at all. They may be getting a loan against their vested interest in the 401K. Aside from the plan rules dictating if they can even access the money, you have to take into account the institution managing the account. Some allow transactions to be conducted online while others do not. This can delay the process. The best way to determine this is to communicate with the renter. If they are truly in the process of getting money from there 401K then they should have no problem setting your mind at ease by proving you with some ducumentation of the withdrawl.

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Answer 6 / 8 - Submitted 84 days ago...

123justme

123justme

New User (1)

It depends on the company usually if everything is in order only about 2 weeks. There is also a chance the ex-employer is holding it up, I had to wait 1 year after I was laid off to get my 401K, then it only took about 2 weeks.

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Answer 7 / 8 - Submitted 64 days ago...

jeanie61

jeanie61

New User (1)

Well, since I am a landlord I would tell them. I will give you one months free rent. Please try to get on your feet or we will all starve.

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Answer 8 / 8 - Submitted 64 days ago...

darlemull

darlemull

Authority (537)

All administrators are different... What are they taking? A hardship..? THis would allow them to pull money out to prevent eviction, but would have required a written statement or eviction notice from you...
If they are just closing because they don't work for that employer any more or taking a loan.. it varies greatly by company. My company takes 5-10 business days to cut a check from when we receive all necessary paperwork. Bigger companies, Fidelity, etc.. only take a day or so...

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