- 1). Go to the bank to which you wish to move the IRA account. Speak to a customer service representative and ask him to set up a IRA account in your name. Provide your name, address, phone number, ID and any other information he requests. Sign the paperwork that pertains to the account. Decide what kind of investment you wish to stow the IRA funds in and tell the representative when you expect to return with the proceeds.
- 2). Go to the bank holding the IRA account. Ask a representative to close the account and have a check made payable to the new bank, for your benefit. Ensure that the representative completes the IRA distribution form correctly to show that the funds are being transferred and not withdrawn. Request a copy of the IRA distribution form.
- 3). Return to the new custodian bank within 60 days. Give the check to the representative and instruct them to invest the money into the product of your choice. Request a receipt and any other paperwork that the transaction generates such as a CD agreement.
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