This is the first year I received a statement for just one of my traditional IRAs from one institution stating the fair market value and stating the 24 RMD. From another institution I received for one for the Roth I have with them showing the beginning balance the monthly interest added for each month and the closing balance. This is a first for me to receive these since I started our IRA's in 1978. In the early years it was not as important because we had monthly statement mailed.
While working at the bank for 30 years and before I retired statements were not sent out monthly with on line banking and some of the families of the people that died, the spouse or beneficiaries were not aware of the IRA's. Our bank was the biggest of the 7 in our small town and I would call the after a few months or a month or two before the end of the year if the IRA's had not been touched. Some forgot about them and the beneficiaries did not even know about them.
I would hope that we will see this from all the institutions in the near future. I think that we should start a letter writing to the FDIC, the NCUA, to the institutions board on requiring this to be done at the end of each year. Even a phone call or leave a message to the chairman of the board might be a help. Two of the people I trained are now on the board of a bank in town that a few of the employees started a few years ago when we were bought out. I plan on calling each of them or trying to get a hold of them tomorrow. Maybe we start and have a change.
I sent a PM in my account messages to the IRA department as a start thanking them and saying how much this statement was appreciated and tomorrow I hope to make some calls, send out emails and other PM's to other institution that I have IRAs in and also to call NCUA and FDIC to see if they have any way to put this into law for the institutions they overlook.
