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#1889379 - 01/23/14 02:36 PM IRA Policy and Procedures
Auditor412 Offline
Joined: Jun 2011
Posts: 51
Midwest, United States
Would anyone be willing to share their policies and procedures regarding the individual retirement accounts? We've had these accounts for years and years but are now having to compile policies and procedures. I'm hoping to just get a template or example on where to start.

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#1890746 - 01/27/14 07:17 PM Re: IRA Policy and Procedures Auditor412
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
You have no more need for a "policy" on IRAs than you do on any other bank product; e.g. installment loans, checking accounts, safe deposit boxes, etc. Developing one is not a good investment of anyone's time.

As for procedures, a "go-by" from another bank might help, but your time is best spent in simply writing down what you currently do to open an IRA. Your "level of assumption" in terms of what the employee reading the instructions knows will be critical; e.g. if you assume it's their first day at the bank, they will be much longer. If you assume it's an experienced employee, but not necessarily in IRA's, they will be shorter.

So, the customer sits down and says, I would like to open an IRA. What do you do? Counsel them to verify eligibility? Pull out an IRA agreement for them to sign? Review the types of investments available?
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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