New IRA Plan

Start an IRA

 

Overview

Discuss the investment options with clients depending on their investment amount. IRA funds can only be deposited into the following three account types:

 

  • Certificate of Deposit account
  • IRA Regular Savings account
  • IRA Money Market account 

 

The deposited amount must meet one of the following requirements:

 

  • The minimum deposit for the CD ($1000)
  • The minimum amount required for no service charge on a regular savings account ($500)
  • The minimum amount required for no service charge on a money market account ($4000)

 

If the retail bank IRA products do not meet the client’s needs, refer him or her to Capital City Wealth: Investments Services.

Give the client the Terms & Conditions brochure, and the Services and Fees brochure. 

Explain that these are the rules and regulations governing accounts and that the client should read and understand them. 

Discuss the $25 IRA closing fee. 

Procedure

This procedure covers opening both traditional and Roth IRAs.

  1. Create New Accounts.
  2. On the Inquiry/Website Selection page click OK.
  3. In the Branch # field, enter the office number.
  4. From the Application drop-down menu, choose T – Time Deposit.
  5. In the Platform Type field click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png to select the IRA type and term. Note: Select Next Records to access the list of products that begin with IRA in the description.
  6. In the Account Number field click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png to populate the next account number and then click OK.
  7. On the StreamLine New Account Entry screen do the following:
    1. For existing clients, enter the TIN or CIF.
    2. For new clients, build the CIF for the owner(s), doing one or more of the following:
  8. If the client chooses a Certificate of Deposit as his/her investment, type the certificate with the following below the client's name: IRA or ROTH IRA, Tax Year YYYY. 
  9. Click OK.

Line 5 Is this a New Account?

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Select Y Yes.
  3. Click Select.

Line 30 Do You Need An IRA Application?

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Select Y Yes.
  3. Click Select.

Line 35 Plan Code

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Choose the IRA INDIVIDUAL RETIREMENT ACCOUNT and click Select.

Line 36 If Plan is BEN-IRA or ROTH

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
    1. Beneficiary IRA choose BEN Beneficiary of IRA Plan
  2. Choose IRA or ROTH.
  3. Click Select.

Line 40 Officer 

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Choose applicable Account Officer Selection.
  3. Click Select.

Line 50 Original Amount $

  • Enter the amount of opening deposit. 
  • Note: Minimum opening deposit is $1000 for CD / IRA accounts, $50 for savings and $4000 for money market accounts.

Line 54 Marketing Code

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Select appropriate code (for example: BB Billboard; CA Consumer Deposit Acquisition, RF Referral, Friend, Family; FB Facebook, etc.).

Line 55 Original Source of Funds

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Choose the appropriate source of funds.
  3. Click Select.
  1. Click Next Records to advance to the next page of the application.

Line 160 CD Miscellaneous Forms

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Select Y Yes.
  3. Click Select.
  1. Click Next Records to advance to the next page of the application.
  2. Click OK twice.

Line 270 Is this a Fiduciary Account Type?

  1. Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  2. Select N NO. 
  3. Click Select.
  1. Click OK. 
  2. Xperience will populate with message indicating all fields have been Verified  
  3. Click OK until you reach the Account Maintenance Items screen.
  4. Line 30, 40 and 50, view pre-populated information for accuracy.

Line 80 Contribution Amount

  • Enter the amount of the opening contribution.

Line 90 Contribution Date

  • View the pre-populated information to ensure the contribution date is correct.

Line 100 Contribution Tax Year

NEED content pertaining to Jan - April rules.

 

Line 110 Contribution Type

  • Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  • Choose the appropriate contribution type.
  • Traditional IRA
    • Regular/Spousal – regular or spousal contributions for current or previous tax year
    • Rollover/Direct Rollover from an Eligible Retirement Plan – contributions from a Traditional IRA, Qualified Plan, or Roth Re-characterization
    • Simplified Employee Pension Plan (SEP)
    • Qualified Reservist/Designated Disaster Distribution Repayment – enter the reason code, if applicable
    • Disaster/Combat Zone Postponed Contribution – enter the reason code
    • Re-characterization
    • Rollover
    • Transfer – contribution from a Traditional IRA (sent by the previous custodian)

  •  
  • Roth IRA
    • Regular/Spousal – regular or spousal contributions for current or previous tax year
    • Rollover /Direct Rollover from an Eligible Retirement Plan– contributions from a Roth IRA or Traditional IRA re-characterization
    • Rollover
    • Rollover/Direct Rollover from a Designated Roth account
    • Transfer – contribution from a Roth IRA (sent by the previous custodian)
    • Qualified Reservist/Designated Disaster Distribution Repayment – enter the reason code, if applicable
    • Disaster/Combat Zone Postponed Contribution – enter the reason code
    • Re-characterization
    • Conversion – contribution from a Traditional IRA conversion
  • Click Select.

Line 120 This Account is (Choose One)

  • Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  • Choose the appropriate option.
  • Click Select.

Line 150 Check if Rollover is Made After 60 Days with Self-Certification

  • Click the ellipsis https://static.helpjuice.com/helpjuice_production/uploads/upload/image/3854/direct/1572974106700-1572974106700.png.
  • Select Y YES or N NO accordingly.
  • Click Select.
  1. Click Next Records.
  2. Enter Beneficiary information and click Next Records to enter additional beneficiaries and information.  
  3. Ensure beneficiary distribution percentage equals 100% (100.00).
    • This field is required to advance to the next screen.
  4. When all beneficiaries have been entered click OK.
  5. Xperience will populate with message indicating all fields have been Verified
  6. Click OK.
  7. On the Miscellaneous Forms screen, complete the IRA Age 70 ½ Election Form (Line 428) if the client is over 70 ½ and transferring a Traditional IRA to Capital City Bank.
  8. Click OK.
  9. Xperience will populate with message indicating all fields have been Verified
  10. Click OK.
  11. On the StreamLine New Account Entry use the arrow to access the drop down menu and set selections as follows: 
    • View/Print/Email Documents?  Y - Yes
    • Upload Account? 
      • System will default to N-No
      • Best practice:  Click View Documents and type 1 in the View Order box for the FL Signature Card to view the signature card for accuracy prior to uploading the account.
    • Another Account for These customers?
      • Select N - No and click OK if there are no more accounts to be opened for the client at this time.
      • Select Y - Yes if the client wishes to open another account (i.e. Savings)
  12. Click OK. 
  13. Use the arrow to access the Drop Down menu and select B - Both eSign and Print for Print Selection Items.
  14. Click OK. A new web page opens for eSign. See eSign for more information.
  15. Verify the information under the Backup Withholding Certifications section. 
  16. Certify the TIN of the primary owner.
  17. Discuss and promote the ABS system. If the client is not signed up for this service and wants to be, see Manually Enrolling Clients in the Automated Banking System.
  18. If the client registered for Online Banking, advise the client that he/she will be required to accept the Online Banking Terms & Conditions when first logging into Online Banking.
  19. Give the client the Welcome packet and all required disclosures and brochures. Review the materials with the client.
  20. Give a copy of the signature card to the client.
  21. If the account is interest-bearing, give the client the Truth-in-Savings Disclosure and Truth-In-Savings Addendum and review them.
  22. Ensure all documents are signed.
  23. Verify all documents. 
  24. If all documents have been signed via an eSign upload account, submit them using eSign. Any documents not submitted through eSign place with the daily work for imaging following the Document Imaging procedures.  
  25. For a resolution, do the following (not every account has a resolution):
    1. Have the client verify all information on the resolution.
    2. If a secretary for the business is designated in the provided legal documents, have him or her sign the resolution in the fields indicated. 
    3. Have the designated signers complete the Powers Granted section to indicate that those designated by legal documents or the supporting affidavit have the authority to perform the following acts:
      • Endorse checks and orders for the payment of money, make withdrawals, or transfer funds on deposit with CCB
  26. If the client wants checks, order new checks in Streamline. The client’s account will be automatically debited in three to four weeks.
  27. Accept the opening deposit from the client, which must be either $50 in cash or $50 in approved checks. In the case of check(s), place a new account hold. 
  28. Complete the CD Deposit - Regular and IRA ticket:
  29. Complete the following information legibly on the CD Deposit - Regular and IRA ticket:
    1. Client name
    2. Amount of deposit
    3. Indicate cash or check
      • If cash is used for the opening deposit, have the client sign the CD Deposit - Regular and IRA ticket to indicate the cash amount is correct.
    4. CD account number
    5. Tran. code 
  30. Take the credit memo ticket to the teller line with the new account deposit.
  31. The teller completes the deposit transaction and provides a receipt to the client.

Note:  For Client Service Center associates see Correspondence Procedures for further instruction.

IRA Documents

Do not accept documents containing handwritten information or corrections with whiteout.

For IRA Money Market or IRA Savings 

Complete a signature card for the IRA Money Market or IRA Savings account following the procedures listed under the Procedure tab.  Do not accept documents containing handwritten information or corrections with whiteout.

  1. Verify all information and obtain signature(s) on the following:
    • Signature Card
      • Verify the TIN of the owner under the Backup Withholding Certifications section.
    • IRA Application
    • IRA Age 70 1/2 Election Form if the client is over 70 1/2 years of age.
  2. Give the client the following:
    • Signature card
    • Truth-In-Savings disclosure
    • IRA or Roth IRA application
      • Client retains one of top two copies
      • One of top two copies retained by associate for imaging.
    • Disclosure agreement
    • Copy of the 70 ½ Election form, if applicable.

For CD Accounts

Complete a signature card for the Certificate of Deposit account following the procedures listed under the Procedure tab.  Do not accept documents containing handwritten information or corrections with whiteout.

  1. Verify all information and obtain signature(s) on the following:
    • Signature Card
      • Verify the TIN of the owner under the Backup Withholding Certifications section.
    • Certificate of Deposit Receipt
    • Truth-In-Savings disclosure
    • IRA Application
    • IRA Age 70 1/2 Election Form if the client is over 70 1/2 years of age.
  2. Give the client the following:
    • Signature card
    • Truth-In-Savings disclosure
    • IRA or Roth IRA application
      • Client retains one of top two copies
      • One of top two copies retained by associate for imaging.
    • Copy of the Certificate of Deposit receipt
    • Disclosure agreement
    • Copy of the 70 ½ Election form, if applicable.

Funding IRAs

Process the transaction as listed below.

 

Check or Cash

  1. Complete a CD Deposit – Regular and IRA ticketfor the amount of the IRA with the following information: 
    • Date
    • Client name
    • Check box for specific transaction type
    • Tran. code for specific transaction type
    • IRA account number in boxes above the MICR line
    • Amount of IRA
  2. Take the CD Deposit – Regular and IRA ticket to the teller line with the new IRA deposit.
  3. The teller completes the transaction and validates a receipt to provide to the client following applicable transaction processing procedure.

Transfer from Checking or Savings account

  1. Complete a CD Deposit – Regular and IRA ticket for the amount of the certificate with the following information: 
    • Date
    • Client name
    • Check box for specific transaction type
    • Tran. code for specific transaction type
    • CD account number in boxes above the MICR line
    • Amount of CD 
  2. Complete a Checking/MMA withdrawal or Savings withdrawal ticket for the amount of the deposit.
  3. Have the client sign the withdrawal ticket.
    • If the client is not present, do the following: 
      1. Complete a Checking/MMA Debit Memo ticket for the amount of the deposit.
      2. Ensure that two associates sign the debit memo (first initial/full last name and extension).
  4. Take the CD Deposit – Regular and IRA ticket to the teller line with the new IRA deposit.
  5. The teller completes the transaction and validates a receipt to provide to the client following applicable transaction processing procedure.
    • If you are unable to process at a teller line, place with the work for processing in Office Capture.

Hold

After making the initial contribution, place a full-balance hold on the account so that withdrawals cannot be made. For spousal IRAs, each spouse must select an IRA plan and have a separate investment instrument.

 

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