I received a letter from a bank saying I’m a beneficiary to an IRA account that belonged to my grandfather who died about 4 years ago. I asked my dad who said yes he thinks it’s an account that his brother got the money out of but he didn’t because he didn’t feel like dealing with the paper work involved with it. I called the main customer service number that I found online for the bank (not the one listed on the letter). They transferred me to survivor benefits and then to the IRA department. They confirmed that I’m a beneficiary but said that I need to email them a copy of my drivers license and my social security to confirm my identity before they can disclose details about the account. For all I know there’s $5 in this account.
So my question is, do I email my ID and social security number?! I don’t \*think\* it’s a scam but you never know these days! Or is there another/better way to confirm my identity. I don’t live near a branch of this bank so I can’t go in person.
[US] I received a letter from a bank saying I’m a beneficiary to an IRA account
byu/TheBirdieToldMe2 inpersonalfinance
Posted by TheBirdieToldMe2
6 Comments
You can ask the financial institution if there is an alternative method of submitting the requested personal documents.
If the bank has the capability, ask them to email you a secure upload portal link.
Can you go into a branch office?
Did you call a number you looked up independently or did you call the number on the letter? If they’re the same number, I’m sure it’s legit.
Does all the other info match up? Your grandfathers name and any other info is correct, etc. ?
If legit than you’d likely want to setup a beneficiary IRA and roll the money into it.
You have to take the money out and be taxed on it within ten years (i forget if it’s after ye death of the person or when it’s assigned to you).
Or you take it all out at once .. just know there’s going to be tax consequences so be ready to make an estimated quarterly tax payment or some other withholding method
If at all possible, I’d strongly recommend going to the physical bank in person to do all of this. You can securely give them whatever paperwork you need, and there’s no question you’re dealing with authentic people from that bank and not some kind of phone scam