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Transfer/Rollovers

Community Bank offers a variety of IRA accounts to help you save for retirement. 
                                                        
If you are changing jobs or retiring, we can assist you with your retirement account.

Here’s what we’ll need to get started:

  • Open an IRA with Community Bank

You’ll need to provide beneficiary information including name, address, date of birth, and social security number for each beneficiary that you name.

  • If you are moving funds from an existing IRA, you have two similar options to choose from:
    • Transfer – this option allows you to move money directly from one institution on to another.  No IRS reporting is done.
    • Rollover – with this option, funds are distributed to you and you have 60 days to redeposit the funds into an IRA.  Because the check for the proceeds is issued to you, the IRS is notified of the Rollover Distribution.  When we accept your Rollover Deposit, we report to the IRS the date and amount of the deposit.  Any amount that is not redeposited within 60 calendar days is considered taxable income and can not be redeposited into an IRA

For more information or to get started, please contact a Personal Banker at any Community Bank location.