IRA preferred custodian change

[investny]

I have my IRA account at Strata Trust Company (the old SDIRA).
Right now LendingClub's preferred IRA custodian is IRA Services Trust Company (ISTC).

Is there any reason to switch IRA custodians?
Did anyone do it? Was it a lot of trouble/paperwork?

[jameslend]

Also was looking at it. Wasn't able to see what the fees were. Lack of transparency doesn't look good.

[Debt Free]

Looks similar to Strata but with a $5,500 minimum and $150 termination fee.

https://www.iraservicestrust.com/pdfs/2017-fee-schedule.pdf" class="bbc_link" target="_blank">https://www.iraservicestrust.com/pdfs/2017-fee-schedule.pdf

Sent an email to LC asking if they were intending on pulling Strata accounts over or not.  Somehow I doubt it.

[TravelingPennies]

What did LC say about the change?

[TravelingPennies]

Sorry, been away.  From Lending Club...

"At this time for new accounts ISTC will be the custodian for LendingClub accounts, however for existing accounts at this time there are no plans to move all accounts over to ISTC, however this may change in the future."

[TravelingPennies]

I suppose they will still be covering the fee.

[TravelingPennies]

According to LC's page, yes...

"LendingClub will pay the annual account fee at account funding on your behalf if within the first 12 months you maintain at least $5,500 or more invested in LendingClub Notes (as calculated by the outstanding principal balance of all Notes held in your account). LendingClub will continue to cover this fee for subsequent years, as long as you maintain this minimum amount invested."

[TravelingPennies]

https://forum.lendacademy.com/index.php?topic=4818.msg43112#msg88888888Quote"> from: Debt Free on February 27, 2018, 07:23:04 AM