In Nov 2015, I went to Countryside's Lakeview branch to move an expired IRA CD to another Countryside IRA account before waiting for a better rate at Countryside. I trusted the bank to make the change per my request, but they moved it to a regular, non-IRA account that triggered an 2016 IRS charge for closing out an IRA. I signed this 'friendly banks' forms confident they had followed my directions. (shame on me!) This error was found in 2016 when I had my taxes prepared and wound up with a $25k tax charge. Four requests at asking the bank to issue a letter to IRS indicating a mistake, all were dismissed by the bank.
Two years later, (and now in retirement, with a lower tax rate) I now am on a repayment payment plan to the IRS to the tune of $30k (original tax liability and late fees). I had no reason to cash in this fund, as I was a few years from retirement, when my tax liability would be much less, due to less taxable income. The full value of the funds in dispute remained intact for the full two years.
My advice, don't trust this bank. They may say they are a friendly neighborhood bank, but they are not. It could cost you a lot. Thank you. read more