Frequently Asked Questions
Below are some commonly asked questions about IRA services at CNB. If you have additional questions, or would like more information, please feel free to contact us.
As the owner of a self-directed IRA it is your responsibility to investigate each and every investment you select and/or hold within your IRA. Consult adequate legal, tax, or investment professionals for assistance and make sure you understand:
- What you are investing in
- How much risk is involved
- Who you are investing with
- Why the investment is suitable for your IRA
Duplicate paper statements can be produced for an additional charge. Please call our office in order to process this request. If you have online access, you may view and print statements at any time.
If the investments in your account are not able to be liquidated or provide sufficient cash dividends to meet the RMD, you may need to take a distribution in-kind of an investment in your IRA. Please contact your designated representative to see if this a good option for you. If you decide to take a distribution in-kind, all paperwork will need to be received by CNB no later than the deadline listed on our website to ensure proper processing time for the December 31st deadline.
The RMD amount may also be removed from an IRA held elsewhere. A Waiver to Distribute Required Minimum Distribution form can be submitted to CNB so we know you have taken care of the RMD through another IRA.
If you wish to take a distribution of the investments in your IRA and close your account, you will need to complete our Distribution Request form. You must also complete the investment company’s change of ownership or re-registration form. Please refer to the deadline listed on our website for end of year distributions of investments to ensure completion by 12/31.
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