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Forms: New Customer Opens Deposit Accts. w/IRAs

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Question: 
What forms per regulations/laws, besides disclosures, are required for a new customer opening deposit accounts, including IRAs?
Answer: 

Whether the deposits are issued in definitive or book entry form, TISA disclosures are required. Beyond that, documentation required would depend specifically on the type of account being opened and even then would vary among banks.

To open an IRA you must have:
* an IRA plan,
* a plain language disclosure, and
* a financial projection that meets the requirements of the Internal Revenue Code.

While it's permissible to use the appropriate form from the IRS 5305 series as the plan and IRS publications 590-A and 590-B as the disclosures, most banks use forms produced by a forms vendor.

First published on 12/24/2017

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