What is the step by step process to open a direct custody IRA?

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Direct Registration Account Opening Instructions 

Please follow the steps below to open a Rocket Dollar direct registration account.

During the fulfillment process, you may receive communication from Rocket Dollar. Therefore, please be sure to monitor your account and your email, including the spam or junk mail folder(s), for any correspondence regarding pending items. 

How to open a Rocket Dollar IRA and fund your investment

Step 1: Go to https://www.rocketdollar.com, click "Sign Up/Start Investing” in the top right corner

Step 2: Follow the steps and enter your personal information

  • Be sure to select "Direct Registration.
  • The type of IRA (Traditional or Roth) If you need assistance, please check the funding source for your Rocket Dollar account. Roth conversions are taxable events and require at least two (2) accounts, with at least one (1) of them being a gold membership. A more efficient approach is to have a Roth account converted before it is transferred to Rocket Dollar.

Step 3: The IRA account will take 24-48hrs to open, while you can focus on upcoming or other tasks.

Step 4: You will need to transfer, or partial transfer, the funds from your existing retirement account, i.e., IRA, Roth IRA, previous employer's plan from the Rocket Dollar Transfer Portal. This process could take up to 5-10 business days depending on the surrendering custodian. Make sure to budget time appropriately for deal closing. You can also do a contribution via Plaid.

Step 4a: Our team will send a dropbox link for you to upload deal documents.

Step 5: Once the funds have been received and the deal has been approved, our custodian will direct the funds towards your elected investment escrow or bank account. 

We recommend following up with your point of contact to verify the funds have been received, and that your account is in good order. 

To learn more about our Direct Custody account please visit our previous article here.

 

 

 

 

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