IRA Required Minimum Distributions Answer by Ken Golliher, BOL Guru Guru BIOS
Question: Are banks required to distribute IRA funds to 70 1/2 year old customers, or is it the customer's responsibility?
Answer: The penalty for "excess accumulations" is assessed against the taxpayer, not the IRA custodian. So, legally, it is the customer's responsibility to assure that the RMD is withdrawn in a timely fashion. Nevertheless, your institution is responsible for advising the customer that the RMD is required and the date by which it must be withdrawn.
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