January 1, 2015
Notice to Commercial Checking Account Holders
East Texas Professional Credit Union will be enacting several changes to our Commercial Checking Accounts. These changes are intended to better serve our business members while also providing a good base from which further services may be offered in the future.
Name Change: Previously termed Commercial Checking accounts, these accounts will now be referred to as Business Checking.
New Service and Corresponding Fees: The Credit Union offers the following new service beginning February 1, 2015.
- Locking night drop bags . ... . ....... ..$25.00 per 2 bags
- Replacement keys ......... ... ..$5 per key
New Fees: The following fees have been added to our Rate and Fee Schedule and will become effective March 1, 2015.
- Deposited items > 200 (applies monthly to checks deposited) .. .. $.10 per item
- Rolled coin . .. .............. $.08 per roll
You can obtain a copy of the complete Rate and Fee schedule at any branch office or by calling us at (903) 323-0230; or at the Credit Unions website: www.etpcu.org. Your acceptance and agreement to the revised terms will be shown by your continued use of any existing or new account(s) or services after the effective date.
December 23, 2014
Notice to IRA Account Holders
If you own multiple IRAs and frequently move assets between those IRAs, be aware that the IRS has applied a new interpretation to its rules regarding the number of rollovers you can complete within one year.
Old Interpretation: In 2014 and previous years, proposed Treasury regulation (1.408-4(b)(4)(ii)) and IRS Publication 590, Individual Retirement Arrangements (IRAs), had stated that you were eligible to roll over one distribution per IRA that you owned during any 12-month period. Also, the IRA assets that were rolled over could not be rolled over more than once during the 12-month period. The IRS has now changed this interpretation.
New Interpretation: Beginning January 1, 2015, you are limited to only one IRA rollover per 12-month period, regardless of the number of IRAs you own. The 12-month period begins the day you receive the IRA distribution. Keep in mind that this 12-month rollover rule applies only to IRA-to-IRA rollovers and does not apply to your employer-sponsored retirement plan rollovers or to rollovers between employer-sponsored retirement plans and IRAs. In addition, this rule does not apply to IRA transfers (the direct movement of IRA assets to another IRA). This means that you still can complete an unlimited number of IRA transfers during any period because you do not have access to the assets.
Roth and Traditional IRAs will be aggregated for purposes of this one-per-taxpayer limitation. If you receive a distribution and subsequently roll over the amount from either type of IRA, you will be disqualified from completing a subsequent rollover for 12 months. For example, if you take a distribution from your Roth IRA on January 15, 2015, and roll over the amount to another Roth IRA within 60 days, you cannot roll-over another distribution from any Roth, SIMPLE, or Traditional IRA that you may own until January 15, 2016.
The new rollover limitation does not include Roth IRA conversions. For example, if you take a distribution from your Traditional IRA in 2015 and deposit the amount into a Roth IRA within 60 days, that is considered a conversion and the 12-month rollover rule does not apply.
60-Day Rule Still Applies: The 60-day rule for IRA-to-IRA rollovers will remain unchanged. You still will have 60 days from the date you receive IRA assets to roll them over to either the same IRA or another IRA. Be sure to complete your rollover before the 60th day if the 60th day falls on a Saturday, Sunday, or legal holiday, as there is no extension to complete a rollover.
Further Guidance: Please consult your tax professional for individual tax consequences regarding this new one rollover per year rule.