Results 1 to 9 of 9

Thread: Unexecuted Interfund Transfer Request

  1. #1

    Exclamation Unexecuted Interfund Transfer Request

    Fellow TSPtalkers,

    Has any of you learned that your interfund transfer request (ITR) was canceled due to an "unknown" reason?
    Unbelievable, but true. That is the verbatim from the TSP call center supervisor.

    Allow me to list my timeline.
    1. Submitted an ITR ~8AM on Wed 10/5/22 via TSP.gov. Also changed my allocation at the TSPtalk website.
    2. Received an email from the TSP with the confirmation number soon after.
    3. Being at a conference, was unable to check my TSP balance until the weekend. (I did not cancel the ITR).
    4. Found out on 10/9/22 that my ITR is not listed on the account activity and has not been executed.
    5. Called the TSP number (877-968-3778) at 7AM this morning.
    6. A frontline advisor could not help me and transferred my call to a "Mutual Fund" advisor.
    7. That advisor, in turn, transferred my call to "Ms. Williams" at the "people who actually make transfers."
    8. She acknowledged my ITR and told me that it was "canceled."
    9. Asked her to connect to her supervisor, Mr. Jay Pill ("Head of the Call Center").
    10. Mr. Pill reiterated that my ITR existed but canceled for an "unknown reason."
    11. He even suggested that the problem might have been on my end!
    12. He promised to keep the record of my complaint and forward it to the relevant party.
    13. I submitted a new, but identical, ITR later this morning. It will result in my loss of ~$10K.

    Perhaps, this is a window into the new TSP operation. Many of us wonder why the TSP can no longer handle what they have been doing for decades.

    I want to warn other TSP accountholders of this potential pitfall and advise to print out your ITR and keep it as your record.

    Lastly, would any TSPtalk members have suggestions on how I may proceed to correct this gross negligence on the part of the TSP?

    Sincerely hope that no one needs to go through the same experience.

    Cheers!


  2.  
  3. #2

    Default Re: Unexecuted Interfund Transfer Request

    Wow!! that stinks!

    You said they transferred you to a "mutual fund" advisor. Were you trying to transfer funds from one of the traditional TSP funds to a Mutual Fund, or was it an "old school" traditional transfer request between some of the traditional TSP funds?

  4.  
  5. #3

    Default Re: Unexecuted Interfund Transfer Request

    No, just an "old school" transfer from the C-fund to the G-fund. Yeah, it bothered me to learn that I was being transferred to a Mutual Fund advisor, too. The new TSP operation needs multiple tweaking to run smooth again, IMHO.

  6.  
  7. #4

    Default Re: Unexecuted Interfund Transfer Request

    Thanks for sharing that fick, and sorry to hear about your situation.

    "unknown reason" causing a $10K loss does not sound acceptable.
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.

  8.  
  9. #5

    Default Re: Unexecuted Interfund Transfer Request

    That's terrible. I haven't had any issues on the new site, BUT i much prefer the old one!! WAY easier to use and navigate. The new site....Bleh!!!

  10.  
  11. #6

    Default Re: Unexecuted Interfund Transfer Request

    No, I haven't had this happen, before Covid, every IFT was printed out with a date/time. I still do it, electronically, with pdf downloads. The one time that I did have an issue, the TSP apparently had a record of every keystroke of everything done during my login that day and proved to my satisfaction that I didn't hit submit.

    As I understand it, a request can be canceled by you - but not anyone else, including "unknown". If that happened, they will have to enter it retroactively and credit you the money. They eat the loss. Not you. If you screwed up, and didn't hit every one of the now 14+ steps in doing an IFT, then you eat the loss. If you canceled inadvertently, you also eat the loss.

    But if you completed the IFT, you shouldn't eat the loss. One of the differences these days is that the no-reply confirmation of an IFT doesn't come when you enter it, it comes at the end of the day.

    Now in your case, you have that confirmation email. In which case, they are stuck: they have to fix it as if your money moved. Please keep us updated on this.

  12.  
  13. #7

    Default Re: Unexecuted Interfund Transfer Request

    i cant find any way to see my itf's other than the confirmation email and it dosent/hasnt shown the amounts, just a confirmation number. am i missing something? i dont like the new website. can not see account as well.

  14.  
  15. Default Re: Unexecuted Interfund Transfer Request

    Quote Originally Posted by amoeba View Post
    No, I haven't had this happen, before Covid, every IFT was printed out with a date/time. I still do it, electronically, with pdf downloads. The one time that I did have an issue, the TSP apparently had a record of every keystroke of everything done during my login that day and proved to my satisfaction that I didn't hit submit.

    As I understand it, a request can be canceled by you - but not anyone else, including "unknown". If that happened, they will have to enter it retroactively and credit you the money. They eat the loss. Not you. If you screwed up, and didn't hit every one of the now 14+ steps in doing an IFT, then you eat the loss. If you canceled inadvertently, you also eat the loss.

    But if you completed the IFT, you shouldn't eat the loss. One of the differences these days is that the no-reply confirmation of an IFT doesn't come when you enter it, it comes at the end of the day.

    Now in your case, you have that confirmation email. In which case, they are stuck: they have to fix it as if your money moved. Please keep us updated on this.
    It's important to note that while canceling a request may be possible, it's best to double-check all information before submitting an IFT to avoid any potential losses. It's also good practice to keep a record of all confirmation emails and other relevant information regarding financial transactions for reference in case of any issues.
    In this particular case, the confirmation email provides evidence that the IFT was completed, and if there are any discrepancies, the financial institution should correct the error as if the money had already been moved. It's always a good idea to follow up with the institution to ensure that any issues are resolved promptly.

  16.  
  17. #9

    Join Date
    Aug 2011
    Location
    Mississippi
    Posts
    904

    Default Re: Unexecuted Interfund Transfer Request

    Every government employee should know this by now: in all things large and small, ALWAYS MAKE A COPY.


    Scott Harrison
    Senatobia, MS
    Scott Harrison
    Senatobia, MS


  18.  

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
S&P500 (C Fund) (delayed)
Unexecuted Interfund Transfer Request
(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)
Unexecuted Interfund Transfer Request
(Stockcharts.com Real-time)
EFA (I Fund) (delayed)
Unexecuted Interfund Transfer Request
(Stockcharts.com Real-time)
BND (F Fund) (delayed)
Unexecuted Interfund Transfer Request
(Stockcharts.com Real-time)

Yahoo Finance Realtime TSP Fund Tracking Index Quotes