Sponsors giving up an account are sometimes less than swift. How to do it Open an account with the new sponsor you've selected. You needn't deposit any money right away. Instead, you'll fill out a form with instructions to the old sponsor for transferring your funds to the new account. Unfortunately, things don't always run smoothly.
Some transfers take weeks or, in the most horrific cases, months.
Snags can occur for several reasons. Barring any hitches, though, three weeks should be ample time to complete a direct transfer. If you haven't gotten confirmation within that time, call both the new and old IRA sponsors and make it clear that you're concerned. Request a definite answer about what is causing the delay and when it will be resolved. Ask whether you can do anything to expedite the process.