Can anyone clearify whether or not a Financial Institution is required to send annual notices to customers over age 70 1/2 telling them that a RMD is required and what amount should be withdrawn and by what date?

I am shooting from the hip on this, I do not believe an annual notice is required.

All the information necessary to calculate the RMD on the IRA(s)is available to the financial institution. It has been my experience the financial institution will distribute the RMD to a checking or savings account held by the individual and provide a 1099 for the distribution at the end of the calendar year.

This sounds more like a banker asking the question. If this is the case, you'd get more answers at our sister site, www.bankersonline.com.