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#52322 - 01/06/03 07:23 PM IRAs and Reg. D Limitations
Anonymous
Unregistered

I am signing in anonymously because I feel I am asking a dumb question.

I've read the definitions sections of Reg. D several times and I still can't seem to come up with an answer to this. Are IRA savings accounts subject to Reg. D withdrawal limitations? At first, I was thinking that they would be. Then, I was waivering because technically, money is only supposed to go into these accounts, not out. So, I am not sure if I should have my system set up to have a Reg D flag on these accounts or not.


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General Discussion
#52323 - 01/06/03 07:32 PM Re: IRAs and Reg. D Limitations
JMB Offline
Member
JMB
Joined: Mar 2002
Posts: 59
Michigan
Would you allow a customer to have ACH or a debit card on their IRA account? I've never heard of that, and that is where I would think you have the most exposure. If a customer is legally withdrawing due to age, disability or death, I would think they probably would not violate the limitations. (They take their "regular" distribution and maybe another one here or there, but not much more.)

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#52324 - 01/06/03 07:33 PM Re: IRAs and Reg. D Limitations
JMB Offline
Member
JMB
Joined: Mar 2002
Posts: 59
Michigan
BTW, there is no such thing as a dumb question on BOL!

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#52325 - 01/07/03 12:18 AM Re: IRAs and Reg. D Limitations
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Reg D applies to anything that meets the definition of a savings account, regardless of who the owner is or in what capacity ownership is held.

You failed to meet the test for a dumb question - people understood what you were talking about!
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