Is an administrator a custodian?

| 0

A custodian may only be a bank, federal credit union or an entity approved to act as a custodian. Administrators cannot act as a custodian if they are not one of the abov, and therefore must use a third-party custodian … Continued

Why do I need a custodian?

| 0

The Internal Revenue Code, Section 408, requires that an IRA must have a custodian to hold the assets of the plan and provide annual reports to the account owner and the IRS.  A custodian may be a bank, federal credit … Continued