After closing an IRACD, I was informed that there was a $10 charge for administering the IRA plus a $15 charge for closing the account. I agree with the IRA charge but question the charge for closing the account as this was not an early withdrawal and required no penalty. What is behind this additional charge?
When you established the account a schedule of fees should have been included. That schedule, or an amendment to it during the life of your IRA account, would have described the fees pertaining to your account. The bank would have given you this in accordance with banking regulation DD.
There are no federal mandates on fees, except for fees when a CD is cashed in early and fees for cashing in your IRA before it was a required distribution. These sound like fees your bank opted to charge and they are not necessarily standardized fees.
We'd recommend using this as a lesson learned and next time, look at the fee schedules and at the same time, ask your account representative about these types of fees in advance.
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When you established the account a schedule of 