12/15/2019
If a check is payable “Bank FBO Customer” is it always a transfer?
02/28/2016
How long after the owner of an IRA is deceased does the beneficiary have to withdraw the money and close the account?
04/28/2014
I have a customer who wants to use his IRA account (elsewhere) as additional collateral since his appraisal was not sufficient for the amount requested. I know that we can not use the IRA as additional collateral. I see in the IRS PUB560 the notation but my question is ...Is there a regulation that relates to this situation?
02/13/2012
For the second time, a loan officer has presented a loan which is to purchase rental property through the customer's IRA. The Trust Company had procedures on how to title the property, etc. and we followed it to a tee. However, even though we followed their rules, I am not 100% sure that we are following lending rules. The borrower and owner of the RE is stated as "___ Trust Company dba ___ Trust Company Custodian FBO __[our customer's name]__ IRA #______". How do you CIP this entity? Whose TIN and address to use? We were instructed to use the TIN of the main Trust Co, but to use the address of the 'dba' Trust Co. The corporate docs were obtained for the main Trust Co, and all they give us is a list of 22 people from the main Trust Co and their signatures with titles of "Corporate Alternate Signer" stating any of them can sign our docs but state they cannot tell us which of those 22 will be the actual person signing and state they are not required to submita copy of that signers ID. I just want to make sure we are following all steps correctly (legally).
09/26/2011
Is a Banking Institution allowed to use an IRA certificate of deposit as collateral on a loan?
08/01/2011
Which lender will take a NQ annuity as collateral for a loan?
06/01/2009
We have a customer with a past due loan that has money with us in an IRA. Can we offset the IRA?
07/17/2006
Can an IRA CD be used as collateral for a loan?
02/17/2003
Can an IRA be used as collateral for a loan?