How Do You Have Check Writing Privileges On An IRA Account?
Setting up unlimited check writing privileges on an IRA requires strategic planning. Since IRAs are basically created as savings accounts, the idea of allowing check writing associated with the account is rather contradictory. It is, however, possible to set up check writing privileges on an IRA account, although this depends more on your financial institution than on general federal laws. Make sure your financial institution allows for unlimited check writing privileges on your IRA. Many do not. If your bank or organization does allow it, they should be able to provide you with an IRA checking form to complete before you are allowed to make any appropriate withdrawals. Check on limitations. Even IRA accounts with unlimited check writing privileges do have some limitations. This usually involves maintaining a minimum balance account and an age limit. In general, only account holders who are 59 1/2 or older are allowed to open this type of account. Make sure you plan on using this accou
