Have you called the bank to ask why they did that, and maybe contest the charges? Why did this suddenly happen if they've never done it before? You can always tell them you are going to take your money elsewhere if they don't give you back that $40.

Also, I don't understand why you can't roll that into your current 401K. If it is not a ROTH IRA, can you convert the $500 IRA into a ROTH? That way, you can take out the money without penalty for certain things such as first time home purchase, or educational expenses.