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Can the bank charge for transferring my individual retirement account (IRA) to another institution?

Yes. The bank makes these decisions.

Federal law does not establish the services for which fees may be imposed. Nor does federal law establish the maximum amount of fees that banks can charge for an IRA transfer. In some instances, fees are prescribed by state law.

Banks are required to disclose any fees when the deposit account is established. Review your account agreement for policies specific to your bank and your account.

If you feel that your bank imposes excessive IRA transfer fees, shop around and purchase your financial services accordingly.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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