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Outgoing Direct IRA Transfer Instructions

Direct Transfers are the ideal way to transfer your IRA between institutions because they are not reported on your taxes. Unlike rollovers, there is no limit to the number of direct transfers you can do. 

Important Note: There is a Direct Transfer Fee of $50 for every Direct Transfer request.

You can earn more for your retirement with the help of a FAIRWINDS financial advisor!

How to Transfer Your IRA to Another Institution: 

  1. Open the same type of IRA (Roth or Traditional) at the other institution.
  2. Complete the other institution's direct transfer request form. Your signature must be validated with a notary or medallion stamp.
  3. Transfer any maturing FAIRWINDS’ IRA certificates into an IRA Savings so that the funds will be available when the request is received. Requests for withdrawals from FAIRWINDS’ certificates of deposit not in maturity will result in a credit union early withdrawal penalty.

The other institution will mail the transfer request form directly to FAIRWINDS. We will process your request and either mail a check or send a wire to the other institution to be deposited to your IRA.

*Note: If you are electing to have the funds sent by wire, the direct transfer request form MUST include your authorization to send by wire. If an authorization is not included, it will be sent by check.

Direct Transfer Alternatives: 

If you are seeking alternatives to the direct transfer process, you may be eligible to complete a rollover instead. 

  1. If you will reach age 73 before the end of the year, withdraw your required minimum distribution prior to completing a rollover.
  2. Request an IRA withdrawal at a branch or online via the FAIRWINDS IRA Owner Portal.
    1. The withdrawal may be in the form of cash or cashier’s check payable to you (the IRA owner).
  3. Deposit the funds to your IRA at the other institution as a rollover.
    1. Rollovers are subject to IRS rules and limitations. Consult your tax advisor and/or IRS Publication 590 for more information.

Once we receive your completed and notarized direct transfer request, we will process it according to the instructions.

Regular Mailing Address: 

FAIRWINDS Attn: IRA Department 3087 N Alafaya Trail, Orlando, FL 32826

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