Adding your bank account for SIMPLE IRA distributions

Have your SIMPLE IRA distributions sent to your bank account

When you link your bank account to your SIMPLE IRA, you can:

• Avoid the hassle of paper checks — the money is deposited directly into your bank account
• Receive your money quickly — generally within 1 to 3 business days
• Save money — avoid paying expedited delivery fees for paper checks

Complete and return the Add/Update Bank Information form (PDF) so you can receive your distributions via Automated Clearing House (ACH).

Note: Withdrawals before age 59½ may be subject to income tax and, if applicable, to a 10% federal penalty tax. The penalty increases to 25% if the employee has not been participating in the plan for at least 2 years.

COMPLETE FORM