Sunday, November 13, 2011

Can I cash out my 401(b)?

I had my 401(b) through Merrill Lynch and the college I work for changed companies. Now I have a new 401(b) that I am contributing to. In the meantime, I have about $1500 that has been sitting in my Merrill Lynch account for about a year. I called them and they said that I can close it and cash it out. We finished all the paperwork, but the administrator in my HR department says that she can not approve it. I have just bought a house and really need the money for minor repairs and the holidays. How can I get this money?

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