Frequently Asked Questions
What is the deadline for making an IRA contribution?
A taxpayer has until April 15 to fund an IRA contribution for the previous tax year.
However, it is wise for a taxpayer to begin making contributions for a tax year as early in the year as possible to begin earning the tax-deferred or tax-free income!
Can I borrow against my IRA?
IRS law does not allow an IRA account holder to pledge an IRA as collateral for a loan.
I have an IRA account at another bank. Can I move that IRA to Peoples Exchange Bank?
Absolutely! IRA funds can be transferred from one institution to another. Simply come in to any of our branches to set up a new IRA plan at Peoples Exchange Bank and sign a Transfer Request form. We will send that form to your current IRA institution and the check will be sent directly to Peoples Exchange Bank as custodian of your new IRA. Voila! It’s just that easy!
I have just retired and have funds in a retirement plan with my former employer. They are telling me I have to move those funds? Can Peoples Exchange Bank help?
You bet! All you must do is set up a new IRA plan with Peoples Exchange Bank, sign the required distribution forms from your former employer and the check can be sent directly to Peoples Exchange Bank for your IRA account. You can have the check made payable directly to you and bring it in for deposit to an IRA. However, you must deposit such a check within 60 days of receipt to avoid the funds becoming taxable! This is called a Rollover IRA.
What can I do to avoid Identity Theft?
Up to 500,000 individuals are victims each year of identity theft, a fast-growing form of fraud. Fortunately, a few simple steps can help ensure you stay out of these statistics.
“Identity theft” or “account takeover fraud” involves criminals stealing a person’s personal information. The crooks assume a person’s identity, apply for credit in his or her name, run up huge bills, stiff creditors and generally wreck the victim’s credit record.
At Peoples Exchange Bank, we put a combination of safeguards in place to protect customers, including employee training, rigorous security standards and procedures to assist in fraud detection. But we also need your help. You can take these steps to avoid becoming a victim:
- Don’t give your Social Security or account numbers to anyone over the phone unless you initiated the call.
- Tear up or shred receipts, old bank statements and unused credit card offers before throwing them away. Crooks could steal information from your trash and use it to get credit in your name.
- Review your bank and credit card statements as soon as you receive them to check for unauthorized transactions.
- Protect your PINs and computer passwords; use a combination of letters and numbers and change them often. Never carry this information with you!
- Order copies of your credit report once a year to ensure accuracy. Call any of the three national credit reporting agencies: Trans Union (800) 680-7289, Experian (888) 397-3742 and Equifax (800) 525-6285. Or go to www.annualcreditreport.com.
- Report any suspected fraud to your bank and credit card issuers immediately so they can start to close accounts and clear your name right away. You may also contact the FTC’s ID Theft Consumer Response Center toll-free at (877) IDTHEFT.
Restoring your identity can be a tremendous inconvenience. It’s worth your while to exercise a little preventive maintenance. Protect yourself against this terrible crime.
As always, if you have questions or concerns about safeguarding your identity, our employees are ready to visit with you.