I have a related question. We have some customers who have IRA funds from another institution sent directly to us,labeled as IRA -rollover; however, the funds are deposited into either a savings or checking account. Some staff think that because it was labeled as a rollover, we could be liable for not depositing it into an IRA. Since the sending FI will file a form 1099-R, I don't think it's our problem. It is up to the customer to move it into an IRA - we can't deposit it into an IRA that the customer has not established (or even an existing one if the transfer did not designate it for the deposit). Am I correct?