Answers about Bank Fees

Can the bank charge for transferring my IRA to another institution?

Yes. The bank makes these decisions; in some instances, they are prescribed by State law. Federal law does not establish the services for which fees may be imposed. Neither does Federal law establish the maximum amount of fees that national banks can charge for an IRA transfer.

National banks are required to disclose any fees when the deposit account is established. Therefore, you may want to review your account agreement with the bank as well as any current fee schedule.

If you feel that your bank imposes exorbitant IRA transfer fees, shop around—and purchase your financial services accordingly.