Offering IRAs

​As with any new product, CSR education and computer compliance set up is critical.  We offer IRAs but do not see them as attractive as they were a number of years ago, tax savings use to drive this product.  We do offer the product to try to keep all of our services, full service.

Large IRA balances normally migrate to our Wealth Management division.  The bank offers IRA CDs.

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Jane Fraebel
Cashier & CFO
Bank of the Bluegrass and Trust Co.
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Original Message:
Sent: 04-24-2018 17:47
From: John Haglund
Subject: Offering IRAs

This may seem like an overly simple question, but we're a pretty simple institution, plus I'm new to the banking industry.  I also realize we're about 2 weeks late in terms of optimally timing our entering this market.

What is involved in offering IRAs?  What has your experience been in using IRA's as a tool for attracting new depositors?

Thanks in advance.

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John Haglund
Controller
Liberty Bank, Inc.
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