1.2.15 IRA Services

This topic provides information about enhancements in the IRA Services.

Generic Feature Enhancements

• Enhancements in IRA 360 screen are as follows:
  • Amount Block widget: All active and full balance block details are now displayed, with totals, while garnishments are moved to a separate widget for clarity.
  • Instrument Set widget: The existing Instruction Set widget is updated for IRA CD, to display rollover products and group multiple payout details for a better user experience.
  • Additional Customer Details: IRA 360 view for CD now lets users quickly access full account holder details, including joint holder address, DOB, and KYC status, via quick navigation to Customer 360.
• Full Balance Block for IRA CD - Branch users can now block the entire balance, including future credits, of IRA CD accounts. A new Full Amount Block option has been added to the Amount Block screen alongside partial or amount-based blocks.
• Capture Target Product IRA CD renewal - IRA CD accounts can now auto-rollover to a specified target product at the account or product level, with account-level settings prioritized. Users can select or update the target product anytime via the Payout Modification screen. CD creation and payout screens have been enhanced to support this functionality.
• IRA-Fund Transfer between Accounts of same plan - IRA Internal transfer allows a Bank user to process customer request to move funds from one IRA account to another within the same plan for reasons such as adjusting the funds within the plan across the accounts to gain advantage due to interest rate changes, movement from one account type to another and so on.
• IRA-Rollover or Fund Transfer - (one plan to another plan) - IRA Rollover facilitates movement of funds from an account or deposit under one plan to an account or deposit under another plan of the customer. Transfers can be within the same financial entity or between different entities. The transfer can be made between different plans of the same customer or the customers could be different.
• Additional Contributions and Distributions Codes and allow for multiple Distribution codes to be assigned to a single transaction - This enhancement has expanded the functionality of contribution to support new repayment codes and reason codes, accommodating a broader range of transaction scenarios for IRAs. Additional distribution codes allows users to capture an additional code for IRA distributions that qualify for exemptions.
• Contribution and Distribution screen to support Checks and External Accounts - Payin by check allows tellers to capture and submit IRA contributions via cheque as one the payment modes. Distribution through external account enables tellers to initiate IRA Distribution payouts to an external account via Fedwire, in addition to existing payout modes.
• IRA Trustee to Trustee transfer - IRA Trustee-to-Trustee Transfer allows direct movement of funds between two financial institutions that serve as custodians or trustees of IRAs. In this process, the transfer is executed institution-to-institution, without the account holder taking receipt of the funds at any stage.
• Inherited IRA CD Account opening - The existing IRA CD account opening screen has been enhanced to support opening Inherited IRA CD accounts with zero-balance enabled business products.
• Reason or Repayment Code - The existing IRA CD opening screen is enhanced to capture reason and repayment code.
• Enhancements in Payout Modification screen - The latest update brings a refreshed, modern UI for the IRA CD Payout Modification screen with a streamlined drawer-based layout for easier navigation. Users can now make payouts to external accounts via Fedwire and Instruments.
• Rollover Excess Payout Account - Branch users can now capture a settlement account to automatically transfer any excess amounts exceeding the rollover product’s threshold. Supported for CD for the settlement account can be set during deposit creation or modified later via the IRA CD Payout Modification screen.