IRA Custodial Pricing Schedule
EFFECTIVE JANUARY 1, 2017
Account Custodial fees are assessed annually, in advance, on the anniversary date
Account Application Fee…$50.00
Annual Fee: Standard IRA…$275.00
Annual Fee: Precious Metals IRA…$350.00 (includes storage)
ADDITIONAL IRA FEES
Outgoing check Fee…$10.00 (deducted at the time of disbursement)
Outgoing Wire Transfer Fee…$25.00
Outgoing Overnight Mail Fee…$30.00
Transfer Out/Close Out Fee…$150.00
Special Handling Fee…$50.00
Sunwest Trust’s annual standard IRA fee is currently set at $275.00 unless you desire a precious metals IRA. We offer a straightforward, flat-fee service structure regardless of the number assets or the value of the assets owned inside your IRA.
Transparent Fee Schedule
If you have done any previous due diligence, you will soon discover our fee disclosure is short and straightforward as compared to other IRA custodians. We want our clients to know exactly what we charge, so they’re not surprised when they receive their invoice. At Sunwest Trust, we believe the best surprise is no surprise.
There Are No Hidden Fees
At Sunwest Trust, we have never had, and we will never have hidden fees. We make our fee schedule as clear and straightforward as possible. We may not always have the lowest custodial fees in the industry, but what you see on our fee disclosure is what you can expect to be on your invoice.
Over the past decade, there has been more and more pressure placed on brokerage houses and traditional trust companies to be more forthcoming about their cost structures. In the last few years, there’s been a lot of talk about banks and brokerage houses and their hidden fees. Their fee structure might look inexpensive at first pass, but when you receive your invoice from a competitive firm don’t be surprised with hidden, undisclosed fees such as “inactivity fees,” “handling fees” and other miscellaneous charges that you didn’t expect.
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Required Minimum Account Cash Balance
All accounts are required to maintain a minimum cash balance of $300.00 at all times. The required $300 minimum account balance is not a fee. The money is yours, but it’s just kept in a cash account at our bank. It’s just cash held in your savings to keep the account open and active. The money sits in an FDIC insured savings account, which earns interest. These funds can be used to pay for third-party fees, such as wire transfers, overnight mail or FedEx charges. It can also be used to pay annual fees, but if you were opt-in for this option, then you will have to replenish the money from time to time, so your account remains active.
Options to raise your Account’s cash balance
There are several ways that you can boost your retirement balance. If you have an IRA LLC that has cash sitting in a checking account, you can send us back a check from your LLC to raise the balance. If you do not have an IRA LLC, you may make a current or prior year contribution at this time. The last option would be to transfer/rollover funds from other existing IRAs or 401ks.
What Happens To My Uninvested Cash?
All uninvested cash will be deposited in an F.D.I.C. insured bank and earn interest at the savings rate as stated monthly by US Bank. To keep the annual account fee as low as possible, Sunwest Trust invests a portion of the available cash in FDIC-insured bank CDs and instruments guaranteed by the full faith and credit of the United States Government. The returns from these investments are used to pay IRA account holders the savings interest rate as stated by US Bank, and any additional income allows Sunwest to keep annual fees affordable.
Please note: Any cash transfers to Sunwest Trust, Inc. made by check will be subject to a seven business day (7) clearing period before funds are available to invest. Because of the Right of Rescission, new accounts are subject to a seven-calendar day waiting period before any funds can be invested. Fees are assessed on individual accounts based on the fee schedule in effect on the date of account set up. Sunwest Trust may alter fees within sixty days written notice to affected clients.
Sunwest Trust, Inc., reserves the right to assess additional fees on any account with excessive activity or special services not covered by the above fee schedule. Any fees charged by a third party in connection with an account will be passed on to the account holder. Sunwest Trust, Inc. will invoice for fees on the anniversary date each account, and payment will be withdrawn from account cash reserves within thirty days of billing unless the fees are paid directly. If there is not sufficient available cash to pay Sunwest Trust, Inc. fees, Sunwest will liquidate assets to cover unpaid fees. All fees are non-refundable. Contact Sunwest for further information.
7-Day Hold on Checks
Last, we have a 7-business day hold on any checks that we receive. However, if we receive a wire or a cashier’s check, the funds are available immediately. If you are going to need your funds right away when you transfer them, make sure to make arrangements to have your current custodian or plan administrator wire transfer the funds.