Bank of America charges a $50.00 fee each time an IRA account holder initiates a direct custodian-to-custodian transfer of IRA funds to another financial institution, assessed per plan per transfer occurrence.
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This provision establishes a transaction fee that applies specifically when an IRA holder exercises the right to transfer retirement assets to another custodian, which is a standard account portability mechanism under IRS rules; the fee applies each time such a transfer is initiated.
Under these terms, transferring an IRA to another financial institution through a direct custodian transfer incurs a $50.00 fee per plan per occurrence; account holders who wish to consolidate retirement accounts at another institution or change custodians will incur this fee for each IRA plan transferred.
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(1) REGULATORY LANDSCAPE: IRA custodian transfer fees are not prohibited under IRS rules governing IRA transfers, but must be disclosed as part of the custodial account terms.
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This provision establishes a transaction fee that applies specifically when an IRA holder exercises the right to transfer retirement assets to another custodian, which is a standard account portability mechanism under IRS rules; the fee applies each time such a transfer is initiated.
Under these terms, transferring an IRA to another financial institution through a direct custodian transfer incurs a $50.00 fee per plan per occurrence; account holders who wish to consolidate retirement accounts at another institution or change custodians will incur this fee for each IRA plan transferred.
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