TSP withdrawal wait times

[pheonix080]

Greetings all! I faxed my paperwork in for a full withdrawal last Tuesday. I elected to be paid via EFT. I was hoping that someone with recent experience could provide insight regarding current wait times. Thanks in advance.

 

[ravensfan]

Greetings all! I faxed my paperwork in for a full withdrawal last Tuesday. I elected to be paid via EFT. I was hoping that someone with recent experience could provide insight regarding current wait times. Thanks in advance.

I requested a full withdrawal of my TSP account on 6 June, mailing in my "properly prepared' and "notarized" TSP form 70. This past Friday (14 June) I logged into my TSP account went to the "Messages from TSP" area and found a message that stated my request for full withdrawal had been received and my first monthly withdrawal (via EFT) would be deposited in my bank account on 17 June.

So for me, the answer to your question is 11 days. However, I can't stress enough that the TSP form 70 must be properly prepared, signed, dated and notarized. Otherwise it will be rejected and you will have to start all over again. If that happens, you can check the messages from TSP as stated above.

Hope this helps to answer your question.

 

[ravensfan]

Oops, my bad. Just checked my bank account and no deposit from TSP. Checked my TSP account and the message actually said my request would be "processed on 6/17/19. I must be getting old...

So 11 days from the time I first mailed it to the time TSP processed my request. I'll let you know when it actually hits my bank account.

Sorry for the confusion.

 

[exnavyew]

New TSP withdrawal options that start Sept/2019.
Just FYI.

https://www.tsp.gov/PDF/formspubs/tspfs10.pdf

 

[pheonix080]

Oops, my bad. Just checked my bank account and no deposit from TSP. Checked my TSP account and the message actually said my request would be "processed on 6/17/19. I must be getting old...

So 11 days from the time I first mailed it to the time TSP processed my request. I'll let you know when it actually hits my bank account.

Sorry for the confusion.

I appreciate your feedback! I submitted my forms via fax on June 11th. On June 12th I received a “message center” notification stating “pending full withdrawal request submitted 6/12/2019”. It goes on to state “your full withdrawal request is being processed for 6/13/2019”.

As of today, June 18th, I have heard nothing further. I will update this thread when I do receive my funds; for the benefit of anyone else with similar questions.

Thanks again for sharing your experiences.

 

[pheonix080]

I appreciate your feedback! I submitted my forms via fax on June 11th. On June 12th I received a “message center” notification stating “pending full withdrawal request submitted 6/12/2019”. It goes on to state “your full withdrawal request is being processed for 6/13/2019”.

As of today, June 18th, I have heard nothing further. I will update this thread when I do receive my funds; for the benefit of anyone else with similar questions.

Thanks again for sharing your experiences.

As of 6/12/18 I recieved a letter from TSP directing me to call and provide additional information for security purposes. I called, answered several questions, and provided identifying information. I was informed that funds would be disbursed in 3-5 business days. I will update once I recieve confirmation of funds in my account.

 

[pheonix080]

As of 6/12/18 I recieved a letter from TSP directing me to call and provide additional information for security purposes. I called, answered several questions, and provided identifying information. I was informed that funds would be disbursed in 3-5 business days. I will update once I recieve confirmation of funds in my account.

As of 6/19/19 I recieved a message center notification on TSP website stating “Disbursed full withdrawal 6/12/18”. Account balance is at $0.00, funds are enroute to my account.

 

[ATCJeff]

I've had recent friends say it's about 5 business days. You can watch your account for messages. Hope this helps.

Jeff

 

[ravensfan]

Oops, my bad. Just checked my bank account and no deposit from TSP. Checked my TSP account and the message actually said my request would be "processed on 6/17/19. I must be getting old...

So 11 days from the time I first mailed it to the time TSP processed my request. I'll let you know when it actually hits my bank account.

Sorry for the confusion.

Logged in to my TSP account this morning for updates to my withdrawal request. There was correspondence from TSP in the "Correspondence from TSP" area of my account. The correspondence stated that my request had been processed and an EFT had been sent to my bank on 6/18/19 in the amount I requested minus tax withholdings. Logged into my bank account this morning and the transaction had not posted. I then verified my bank routing number and account number and all is correct. So I am thinking my bank has a hold period before posting available funds. So today I find myself at EFT sent, but not yet received.

With that said, request was mailed on 6 June and EFT sent from TSP on 18 June...12 days total.

Have a great day and good luck with your investments.

 

[ravensfan]

Logged in to my bank account this morning and lo and behold a deposit from TSP was posted to my account.

So for anyone who decides to mail their TSP Form 70 the number of days from "mailing the form" to "deposited in bank" is 14 days.

Now my only thought is "since I elected monthly installments, will I receive a payment on the same day each month?" :thinking:
Unless someone here at TSPTalk who is receiving monthly installments can tell me, guess I'll find out next month.

 

[nasa1974]

So for anyone who decides to mail their TSP Form 70 the number of days from "mailing the form" to "deposited in bank" is 14 days.

Now my only thought is "since I elected monthly installments, will I receive a payment on the same day each month?" :thinking:
Unless someone here at TSPTalk who is receiving monthly installments can tell me, guess I'll find out next month.

Ravensfan,

Someone answered that question but I don't remember where. I'll have to try and find it if I can. Hopefully someone can answer it before I spend a lot of time looking for it.

 

[pheonix080]

As of 6/19/19 I recieved a message center notification on TSP website stating “Disbursed full withdrawal 6/18/19. Account balance is at $0.00, funds are enroute to my account.

Funds recieved via ETF 6/20/19.

 

[pheonix080]

Here is the full timeline:

6/11/2019: Full Withdrawal packet faxed to TSP.

6/13/2019: packet was processed by TSP (message center notification).

6/18/2019: letter from TSP arrives from TSP. They want more info (security precaution). I call, as instructed, verify my identity and banking info.

6/18/2019: funds dispersed, account balance $0.

6/20/2019: funds are deposited in my account.

I hope this helps anyone with similar questions.

 

[Breedlove]

Mine wasn't as smooth and still waiting.

4/03/2020: Full Withdrawal packet faxed to TSP.

4/06/2020: packet was processed by TSP (message center notification).

4/13/2020: letter from TSP arrives from TSP. They want more info (security precaution). I call, as instructed, verify my identity and banking info.

4/20/2020:Called for update, processing failed (no reason why), they re-processed and said it was successful.

4/20/2020: Funds still showing fully invested in L Fund

 

[Woffski]

Does a withdraw from TSP need to be all? Can you get like a monthly annuity?

 

[tsptalk]

TSP Annuity Basics:

https://www.tsp.gov/annuity-basics/