For most non-IRA accounts, using the bank transfer feature of XYIS will allow you to pull money out as needed by your clients. But for all IRAs, the bank transfer feature of XYIS will not work. This user guide explains how to request distributions from any of your clients' IRA accounts.
There are two primary options that you have to move money out of an IRA account:
- The first is to set up a move money form on that account.
- This is the most flexible option you have. The Move Money form sets up standing authorization for you as the advisor to request most types of distributions from your client's IRA account. If your client wishes to give you permission using the Move Money form, you will simply fill it out for the account or accounts they want you to have that authorization for and you will submit the completed form(s) to TD. Once processed, you will have standing authority to request or edit distributions on the account(s) directly from TD at any time.
Please note, you will still need to use Veo or contact TD to request IRA distributions even if you have the Move Money form set up on an IRA account. They cannot be done through the platform.
- The second is to submit an IRA distribution form to request a one time or recurring transfer from the account.
- This form requests either a one time or recurring distribution from an IRA account, much like the EFT Form for non-IRA accounts. Once submitted to TD, you as the advisor do not have the ability to edit the instructions unless a revised IRA Distribution Form is submitted. While less flexible than the Move Money form, the IRA Distribution form is a great tool to quickly request a distribution for an IRA account.
We hope this helped you out. Please let us know if you have any questions by emailing us at email@example.com or calling (360) 301-7579.