IMPORTANT: Payee Changes on IRA Deposits
Published on February 7, 2012
IMPORTANT CLIENT ADVISORY:
In an effort to provide additional security measures, and due to compliance restrictions on IRA accounts, please be advised that as of today’s date we can no longer accept IRA deposits made payable to anything other than the payee information as follows:
For example: Next Generation TS FBO Jane Doe IRA 123
Please note that the IRA holder’s name MUST replace the “client name” portion and their applicable account number MUST replace the “xxxx”. Any checks made payable differently will not be deposited and will be returned to sender. This may cause delays in processing your IRA’s transactions and deposits.
It is the responsibility of the client to inform their investments of any changes to payee information. Kindly have your investment officers update any payee information they may have on record.
We appreciate your continued patronage and understanding. If you have any questions or concerns, please don’t hesitate to contact our office.Back to Blog