Status update on closing my accounts

This is an update on the process I am using to close my Lending Club IRA with Strata Trust as the custodian. I contacted Lending Club with my desire and they sent me a form via Email that was a combined Lending Club and Strata form. I detailed the requirements in my previous post. I completed the form and submitted it to Lending Club on Wednesday April 25^th. I received an Email from Lending Club within a couple of hours indicating that they were forwarding it to Strata and would let me know when it is completed.

I checked my accounts on Thursday morning and there weren’t any changes to either. I did have some reaming cash in Strata. Besides the 3 late notes, I also had $164.81 in cash at Lending Club. I assumed that this would have been moved. I initiated a withdrawal of the cash. A withdrawal from a Lending Club IRA goes to the custodian (Strata) and takes a day. The cash immediately disappears from the Lending Club account.

On Friday morning, the cash had not gotten to Strata, not unexpected. But there was an additional $12.25 cash in my Lending Club account. I withdrew it to my Strata account, leaving zero again in the Lending Club account.

On Saturday, the first withdrawal for $164.81 was in the Strata account. But again, there was more cash in Lending Club, $6.89. I initiated a withdrawal of this to Strata. I was curious about why I was getting money in the Lending Club account, so I checked the activity for the last few days. It turned out that these are recovery fees from charged off loans. There were over 50 of these recoveries in the last two days. I don’t know if this will continue, or how long it may last.

I’ll probably update the status of this process in the middle of next week. I’ll post on @billlanke on Twitter when I do.