Can I move my IRA at another financial institution to an IRA at Delta Community?
Yes. IRA funds may be moved as either a transfer or rollover. An IRA of the same type must be established at the Credit Union, if you have not already done so. IRAs at the Credit Union are cash accounts only, so you would need to liquidate any investments you are holding within the IRA before moving the funds to the Credit Union.
An IRA-to-IRA transfer is a non-reportable method of moving funds between like-IRAs A recent statement from the IRA at your current financial institution is required to complete the transfer paperwork. Contact the IRA Department to complete the Transfer Request paperwork.
An IRA-to-IRA rollover is a reportable transaction in which a distribution is taken from an IRA, and then deposited into an IRA of the same type, as a rollover contribution. A rollover must be completed within 60 calendar days beginning the day after the distribution is received by the IRA owner. An IRA owner may only rollover one distribution in a 12-month period, regardless of the number of IRAs that are owned.
Processing times for these requests is 3-5 business days. If you have additional questions, or to obtain appropriate forms, select Contact Us under Additional Services within Online Banking. You may also visit your local Delta Community branch, or call the IRA Department at 404-677-4600.
