No. of Recommendations: 0
What you put into an IRA is cash and I'm pretty sure that you have to have earned income to be eligible to put the money in. So, for example, I write a check for my Roth Contribution in January and send it off to my mutual fund company that takes the money and puts in into the funds I specified. It's simply coming out of my bank account or MMF account or wherever I happen to have money and check-writing, although I suspect I could wire the money in or use a money order if I wanted to.

I wouldn't use a bank as a broker for investing in stocks though, but if I did, I'd go over to the customer service and say, "Hello, I'd like to set up an IRA with this bank. Can you help me do it?" I'm pretty sure most banks would jump on this since their brokerage businesses are still getting off the ground and there is nothing like fat comissions on stock trades.

JB
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement