Skip to content
GeoDataVision
Learn More - Click Here!

Thread Options
#185780 - 04/30/04 06:28 PM IRA Custodian or Trustee??
Michelle III Offline
Gold Star
Michelle III
Joined: Jan 2003
Posts: 379
PA
Hello. I've been asked to clarify a line on our IRA application form. This form used to refer to the bank as the Trustee for our customer's IRA. The wording was changed to state we are the custodian for the customer's IRA.

Does anyone have any idea if this word change matters? We are still taking care of the customer's accounts as we always did. But is there a legal difference between IRA Trustee and IRA custodian?

Thanks,

Michelle III

Return to Top
#185781 - 05/06/04 10:06 PM Re: IRA Custodian or Trustee??
complyguy Offline
Gold Star
complyguy
Joined: May 2001
Posts: 494
PA
I recall a few years back that our Call Report preparer called to ask whether our bank was trustee on any accounts, because the Call Report was changed to require info on them.

Return to Top