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

3 steps to add ACH distributions to your SIMPLE IRA

Complete the form 

Complete the Add/Update Bank Information form (PDF) and attach a copy of a voided check.

Submit the form

Return the form to us using the online Submit Documents tool or mail it to the service center closest to you.

Begin taking distributions

Once added, you can process distributions to your bank account online or by phone.

SIMPLE IRA distributions

Find information on distributions from a SIMPLE IRA, including early distribution penalties and exceptions.

SIMPLE IRA DISTRIBUTIONS

IRA tax FAQ

Learn about tax reporting, penalties and other tax implications for contributions to and distributions from your IRA account.

IRA TAX FAQ

Contact us

Have questions? We're here to help.

Contact us 8:00 a.m. to 7:00 p.m. ET, Monday through Friday.

call (800) 421-4225
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