Not necessarily true. When I did it the check was for every penny in the account. Again, trust a professional, not Internet advice. Find a company you trust, and an agent you like, and have the agent contact the existing IRA holder and negotiate the transfer into a new IRA for you. You may have to be present; we did mine in a three-way telephone conversation. The agent for the old IRA verified my identity, and asked "do you give permission for the third party to speak for you?" Once I replied in the affirmative, all I had to do was listen. Get professional help.