I have been reviewing a family member’s IRA CD Disclosure Statement and Custodial Agreement forms from various NY and Florida Banks.
I am troubled by the lack of IRS specification in the following matters and the fact that one bank will leave out whole clauses that another bank includes,
and also one may not even mention an important beneficiary issue in their form.(In addition, the lack of knowledge about these forms at many bank divisions is shocking.)
Questions:
1. If a bank leaves out a whole clause discussing x, (ex: disclaimer, non-spouse beneficiary trustee to trustee transfer)
can you assume that they allow it, or can assume they don’t allow?

2. If they now allow trustee to trustee transfers for the owner as the IRS mandates,
and there is not a clause stating that trustee to trustee transfers are allowed out of the bank
(some say they allow transfer into bank, or some say owner can but don’t specifically state that beneficiaries can do this),
can one assume that non-spouse beneficiaries will be allowed to do trustee to trustee transfers?

3. If they leave out a clause (ex: bank POA is needed),
can they then require it at the branch bank from an out of state resident?

Thank you.
Michael Hepner