As a STRATA IRA accountholder and LendingClub investor, we understand that you might have additional questions regarding LendingClub’s recent decision to list a new IRA service provider. As a courtesy, we have created a list of questions to help you better understand your options and wanted to take the opportunity to remind you that additional alternative investment options are available to you within your STRATA IRA if you choose to keep your STRATA IRA open.
Additional Questions: |
| Q: I recently received a notification from LendingClub that they have a new IRA service provider, how does this affect my STRATA IRA? |
| A: STRATA is still your current IRA custodian, and you do not need to take any action for that to remain so. However, if you choose to transfer your account to LendingClub’s new IRA service provider, you must notify LendingClub by May 31, 2021. |
| Q: What options are available for my STRATA IRA as a LendingClub investor? |
| A: You may elect to keep your IRA with STRATA or transfer your IRA to another IRA service provider of your choosing. |
| Q: What is the difference between IRA service providers? |
| A: Federal law requires that all IRAs have an appointed custodian. Custodians, like STRATA Trust Company, must meet IRS requirements and are regulated by state and/or federal banking regulators. Learn more about the differences between IRA service providers (IRA administrators vs custodians). |
| Q: If I elect to keep my STRATA IRA open, what action do I need to take? |
| A: You do not need to take any additional action if you elect to keep your IRA with STRATA Trust Company. We will continue to service your IRA as your chosen custodian. |
| Q: My annual IRA account renewal date is on/after April 1, 2021, who do I pay? |
| A: Unfortunately, LendingClub notified STRATA on April 12, 2021, that they would not pay fees on behalf of their account holders beginning April 1, 2021, or after. We understand how this may be unexpected for you, as it was for us as well. You can expect to receive an invoice for the annual renewal of your STRATA IRA account however, STRATA will waive late fees for IRA account renewals for the month of April 2021. |
| Q: What fees will apply if I keep my STRATA IRA? |
| A: If you choose to keep your STRATA IRA open, you will continue to pay STRATA’s annual account fees, as well as other fees reflected on our standard IRA Fee Schedule. To make things easy, you may now keep a fee payment method on file (with AutoPay) or pay your fees online. Simply complete our Fee Payment Authorization form to update your fee payment preference. |
| Q: Can additional alternative investments be added to my STRATA IRA? |
| A: Yes, you can continue to invest and hold multiple investments within one account with STRATA and pay one annual account fee. |
| Q: Can I add additional funds to my STRATA IRA to take advantage of other alternative investment opportunities? |
| A: Absolutely! In addition to making annual contributions, you may transfer or rollover funds from another IRA or eligible workplace retirement plan. |
| Q: What additional alternative investments are available with STRATA Trust? |
A: Through your STRATA IRA, you can invest in private and public investments across a broad variety of asset classes and investment sponsors including:
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| Q: If I elect to close my STRATA IRA and transfer to LendingClub’s new IRA service provider, what action do I need to take? |
| A: If you are closing your account and transferring to LendingClub’s new IRA service provider, you must notify LendingClub by 5/31/21. Please note, STRATA must receive the completed and signed Transfer Request form – from the new IRA service provider, along with their signed letter of acceptance, and STRATA’s account termination fee to transfer your account. |
| Q: If I elect to close my STRATA IRA and transfer to another IRA service provider, what action do I need to take? |
| A: If you are closing your account and transferring to a different IRA service provider, you must contact the successor IRA service provider to obtain their transfer request form, their signed letter of acceptance, and pay STRATA’s account termination fee. Please keep in mind that if you choose to close your STRATA IRA and hold non-performing LendingClub notes within your IRA account, you must forfeit or transfer them before the STRATA IRA can be closed. |
| Q: If my STRATA IRA has an account value < $10,000, what fees will apply if I close my STRATA IRA and transfer to another custodian? |
| A: If you close your STRATA IRA, you will be charged a $50 account closing fee (If you elect LendingClub’s new IRA service provider, LendingClub has communicated with us they will take care of your STRATA account closing fees, please connect with LendingClub if you have questions about the process). |
| Q: If my STRATA IRA has an account value >$10,000, what fees will apply if I close my STRATA IRA and transfer to another custodian? |
| A: If you close your STRATA IRA, you will be charged a $150 account closing fee (If you elect LendingClub’s new IRA service provider, LendingClub has communicated with us they will take care of your STRATA account closing fees, please connect with LendingClub if you have questions about the process). |
If you decide to close your STRATA IRA and transfer to another service provider, you will need to coordinate your transfer
with LendingClub and your successor IRA service provider.
Questions?
About STRATA
- A+ Rating with the Better Business Bureau
- Customer-focused technology
- Competitive fees and complete fee transparency
- Robust regulation by state and federal banking regulators
- Serving more than 35,000 clients nationwide
- Over $2.5 billion in assets under custody
STRATA Customer Service
If you decide to keep your IRA with STRATA open, and have questions about investment options eligible for custody in your STRATA account, please reach out to our Client Services team:
866-433-5824 LendingClub@StrataTrust.com- Solid expertise in the custody of alternative investments
- Live Customer Service representative
- Quick to respond and easily accessible
- Online account access 24/7
- Quick turnaround for faster processing of investment transactions and service requests
