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FAQ: Transfer from Forge to Solera

Moving your IRA to Solera National Bank is a smart choice.

Join the hundreds of self-directed IRA investors who have made the switch to Solera National Bank and are enjoying superior customer service while saving significantly on IRA fees.

Following are answers to some of the common questions about Solera and the transfer process.

Who is Solera National Bank?

Solera National Bank is a nationally chartered bank, regulated by the US Office of the Comptroller of the Currency (OCC).

IRA and entity checking accounts with Solera are FDIC insured to $250,000.  Solera holds FDIC certificate #58534.

Solera is headquartered in Lakewood, Colorado (in the Denver metro area).  Their Self-Directed IRA & 401(k) department and call center is located in Cedar City, Utah.

Solera Bank Customer service is available Monday – Friday from 9:00am – 5:00pm Mountain time.

What is the Cost to Transfer my IRA from Forge to Solera?

The total cost of transfer is $340.  This includes:

  • $175 Forge Trust Co. account termination fee
  • $65 Forge Trust Co. asset re-registration and distribution fees
  • $100 Safeguard fee to guide you through the transfer process and update your plan legal documents (Upgrade to concierge service for an additional $99)

There are no Solera fees associated with the new account setup and transfer.

Transfer your IRA by October 31st, 2022 and receive $374 in Special Incentives from Solera

  • Solera will waive the standard 1st year IRA Account Fee of $199.
  • Fund your Solera checking account with at least $500 within 90 days and Solera will issue a new account credit of $175.

How Does Solera’s $374 Promotion Work?

We have negotiated a special deal with Solera to offer $374 in special incentives.  That more than covers the cost of the transfer.

  • Submit your transfer application by October 31st, 2022.
  • Solera will waive the first-year account fee. ($199 savings)
  • Fund your new Solera bank account with at least $500 within 90 days and Solera will issue a new account credit in the amount of $175.

What are Solera’s IRA Fees?

The annual IRA administration fee is $199 if paid by credit or debit card subscription.

A $15 charge applies for invoice billing of the annual IRA administration fee.

Additional charges apply for specific IRA transactions such as distributions or Roth conversions.

View the Solera IRA Fee Schedule for Safeguard Clients for details.

How Can Solera IRA Fees be Paid?

The Solera annual IRA administration fee can be paid personally or from the IRA.

We recommend you obtain a debit card on the LLC/trust checking account if you want to pay using IRA funds.

Other Solera fees like a distribution processing charge will be deducted from the IRA account.

How Do I Use My Solera Checking Account?

Solera offers a full set of services for self-directed IRA plans.

With online banking, mobile banking, and bill pay services, you can manage your Solera account from anywhere.

Your Solera account includes access to more than 50,000 no-fee ATM locations.

Are There Fees on the Solera Checking Account?

So long as you maintain a minimum balance of $500 in the LLC/trust checking account, there are no monthly account fees.

Common banking fees will apply.  Following are a few examples:

Inbound domestic wire $10.00
Outbound domestic wire $25.00
Inbound international wire $10.00
Outbound international wire $25.00
Overdraft $32.00
Replacement Debit Card $10.00
Cashier’s Check $5.00

 

For a full listing, view the Solera Bank Checking Account Fee Schedule

Do I Have to Setup a Checking Account with Solera Bank?

Yes.  All Solera IRA plans will come with a checking account for the IRA-owned LLC or trust entity.

You can choose to make this account primary, or continue to use your current bank in addition to Solera.

The Solera checking account will be the “doorway” between the IRA and the LLC/trust.  Any time you want to add or remove IRA capital from the entity -such as for an IRA contribution or distribution – it will pass through the Solera checking account.

You can move funds between your current bank and Solera simply by writing a check or issuing a wire.  Both accounts are held in the name of the same LLC/trust.

Is There a Minimum Balance Requirement?

You do not need to maintain a cash balance in the Solera IRA account.

A minimum of $500 is required in the LLC/trust checking account

What is the Transfer Process?

Safeguard Advisors will guide you through the transfer process.

  • Your Forge Trust Co. IRA must be prepared for transfer by providing a current valuation and ensuring there is enough cash in the IRA to cover exit costs.
  • Safeguard will prepare amended LLC or trust documents.
  • Safeguard will help you open your new IRA with Solera.
  • Safeguard will prepare IRA transfer documents.
  • The IRA transfer can take from 2-4 weeks to complete, depending on the processing queue at Forge Trust Co.
  • Forge Trust Co. will provide Solera with re-registration documents that require your signature.
  • Once the asset has been re-registered, the transfer process is complete.

The entire process can take from 4-6 weeks to complete.  You can invest with your Checkbook IRA during the transfer.

What is Concierge Transfer Service?

The process of moving your IRA from Forge to Solera involves a few steps, including:

  • Preparing your current IRA for Transfer
  • Updating your LLC/Trust legal documents
  • Establishing your new IRA and LLC/Trust checking account at Solera
  • Preparation and submission of transfer documents

With our standard service at $100, we will guide you through these steps and provide the necessary guidance and documents.

Upgrade to our Concierge Transfer service at $199 for faster processing higher-touch service.  With the Concierge Transfer program, you can expect:

  • Expedited turnaround at each processing milestone
  • A higher degree of follow-up from both Safeguard and Solera to ensure your transfer is executed smoothly once submitted to Forge
  • A dedicated on-boarding contact at Solera bank

How Long Does the Transfer Process Take?

The entire transfer process normally takes 4-6 weeks, depending on how engaged you are with the process and the responsiveness of Forge Trust Co. when processing the outbound transfer in-kind request.

The transfer does not impact your ability to use your checkbook IRA.  You can continue to manage investments during the process.

One concern about timing is ensuring you have enough cash in the Forge IRA to cover exit fees as well as any new quarterly billing that may occur while a transfer is in process.  Forge bills $110 at the beginning of each quarter.

How Much Cash do I Need in My Forge IRA to Execute the Transfer?

Forge Trust Co. fees associated with the transfer out and account closure total $240.

Since you want to have at least $500 in the Solera checking account, it is best to have $750 or more in cash in your Forge IRA before transfer paperwork is submitted.

Keep in mind that Forge charges $110 at the beginning of each quarter.  If you are starting the transfer process in the last month of the quarter, you probably want to have that extra $110 in the Forge IRA in case the process is not completed before the next billing cycle.

If your Forge IRA has past-due fees, you will need to bring the account current before starting the transfer process.

Forge Trust Fees and Cash Balance Maintenance

How Do I Move Cash from My Current Bank to Solera?

After the transfer process has been completed, you can move cash from your current LLC or trust checking account easily.  Simply write a check or issue a wire.

Both accounts are in the name of the same LLC/trust entity, so no formal processing or reporting is required.

Does Safeguard Advisors Have to Help with the Transfer?

Yes.  Solera Bank only accepts accounts supported by a professional plan provider.

As part of the transfer process, Safeguard will amend your LLC or trust agreement to illustrate the assignment of ownership to Solera National Bank FBO your IRA.

Our team at Safeguard will guide you through the transfer process to ensure a smooth transition.

How Can I Learn More?

If you want to be sure a move to Solera National Bank is right for you or learn more about the process please schedule a call with our support team.

Upgrade Your Self-Directed IRA

Take advantage of $374 in transfer incentives from Solera.  Start your IRA transfer before October 31, 2022.

Switch to Solera IRA

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