Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
We offer a savings program that provides benefits such as free checks and safety deposit box rentals. Customers must qualify for the program by holding a certain amount of money on deposit at our bank in savings accounts, CDs or money market accounts. Can we include individual retirement account (IRA) balances when calculating whether a customer qualifies for the program? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

We offer a savings program that provides benefits such as free checks and safety deposit box rentals. Customers must qualify for the program by holding a certain amount of money on deposit at our bank in savings accounts, CDs or money market accounts. Can we include individual retirement account (IRA) balances when calculating whether a customer qualifies for the program?

—

by

Yes, we believe your bank may include the IRA balances when calculating whether a customer qualifies for this savings program, provided that this calculation does not involve any transactions on the IRAs. We are not aware of any law or regulation that would govern how your bank determines the qualifications for the savings program, provided that the qualifications are clearly disclosed and applied equally to all customers.