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. Nor does Federal law establish the maximum amount of fees that banks can charge for an IRA transfer.

Depository institutions are required to disclose any fees when the deposit account is established. Therefore, you may want to review your Deposit Account Agreement with the bank as well as any current fee schedule.

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

June 2019