We are an image bank. All our offical account records are imaged. I am trying to determine if there is a legal requirement to have physical paper files on IRA's in addition to the imaged documents. For some reason, we are doing this and I think it is redundant. Does anyone know of any requirement for us to do this? My suspicion is it's because 'we've always done it this way.'

GP,

I don't profess to be an IRA expert, but I am unaware of any IRS regulation or federal law that would require paper copies of your custodial agreements and other IRA docs.

Apparently, the Georgia Department Banking and Finance permits it:

80-10-1-.02 Effects of Microfilm and EDP Processing.

(1) All records may be microfilmed, photographed, or retained by other storage techniques capable of being used to reproduce the data contained in the records into legible form and the retention of the resultant medium for the periods of time designated in the regulation shall be considered as complying with this regulation and the law.

MarkB

The correct forms and signature are two main concerns and if those are imaged i don't see problem.