IRA Transfer Outs & Distributions

Transfers to Another IRA Custodian, Direct Rollovers, Distributions to Personal Accounts, & Trading Account Withdrawals

Transfers

IRA to IRA Transfers

Transfer From Midland to Another IRA Custodian

Transfers are requested when you are moving funds and investments between like-kind retirement accounts (i.e., Traditional IRA to Traditional IRA). To transfer funds to another IRA custodian, you will need to contact the receiving custodian and complete their required transfer paperwork. You will need to return the transfer paperwork to the custodian for them to sign. They will forward the completed paperwork to us for processing. The receiving custodian may require a recent statement of your Midland account. You can pull this from your Midland360 portal under the documents tab.

The information they will likely ask for on the transfer form:

  • Current Custodian: Midland Trust
  • Account Number: Please put your seven-digit Midland Trust account number
  • Overnight Address: 1520 Royal Palm Sq. Blvd., Suite 320, Fort Myers, FL 33919
  • Mailing Address: PO Box 07520, Fort Myers, FL 33919
  • Phone Number: (239) 333-1032
  • Fax Number: (239) 466-5496

You can let the receiving custodian know they can fax the transfer form over to us as we do not need originals and do not require a medallion signature guarantee.

Note: these are transfers to other IRA custodians only.

Rollovers

Outgoing Direct Rollovers

Rollovers are typically done between different types of retirement accounts. (i.e., IRA to 401k). Movements between like-kind accounts (i.e., IRA to IRA) are done as transfers. To roll funds over to another retirement account, we will need our distribution form completed and a signed letter of acceptance from the receiving plan/custodian. The difference between rollovers and transfers are the tax forms generated. Rollovers generate a 1099R and typically a 5498.

Note: you cannot initiate a rollover in the Midland360 client portal. You must submit a distribution form.

Distributions

To request a distribution from your Midland360 portal, please click this link and follow the instructions below:

  1. Go to “Request IRA Distribution” from the home screen once you are logged in.
  2. Use the drop-down menu to select either “Partial Distribution,” “All Available Funds,” or “Full Distribution: Close Account.”
  3. Enter Total Distribution Amount.
  4. Use the drop-down menu to select whether you elect to have Federal Income Tax withheld or not.
  5. Choose a Delivery Method and enter the Delivery Instructions.
  6. Choose a Frequency (one-time or recurring).

Once you have entered the distribution request, click on the “Next Page to Confirm” button at the bottom of the page. ​On this page, review to make sure you have entered all of the appropriate details. The last step is to submit your request. You can do this by clicking “Submit Request” at the bottom of the confirmation page. At this time, the request will be sent to Midland for processing immediately. Please allow up to three business days for review.

Depending on your distribution request’s characteristics, you may be getting a call from one of our distribution associates to verbally confirm the details of your distribution. Alternatively, you can send us a distribution request by paper form via email, fax, or mail; however, the fee for us to process the request is $25 per distribution.

Steps for Trading Account Transfers/Rollovers/Distributions

  1. First, you must submit a TAW request in our Midland360 portal.
  2. If it’s a transfer or rollover, contact the receiving custodian for transfer paperwork or letter of acceptance. If it’s a distribution, wait for funds to come in from TAW and then submit a distribution request in the Midland360 portal.
  3. Once the funds come back to Midland from the Trading account withdrawal and we have transfer paperwork or a distribution request, then we can send the funds over to the new custodian or to you personally.

Trading Accounts

Withdrawals

Trading Account Withdrawals

To request the liquidation of your trading account, please do the following:

  1. Log into your Midland360 portal.
  2. Select “Trading Account Withdrawal” from ​Quick Links​ on the right-hand side of your ​Home​ screen.
  3. Enter the relevant details, then click “Next Page to Confirm.”
  4. Review the information for accuracy and click “Submit Request” for processing.

Provided the funds are liquid and ready to transfer, funds are typically returned to Midland within 2-5 business days.

Once the funds are received, they will be deposited back into your account at Midland, and you will receive a confirmation email of the deposit.

Steps for Trading Account Transfers/Rollovers/Distributions

  1. First, you must submit a TAW request in our Midland360 portal.
  2. If it’s a transfer or rollover, contact the receiving custodian for transfer paperwork or letter of acceptance. If it’s a distribution, wait for funds to come in from TAW and then submit a distribution request in the Midland360 portal.
  3. Once the funds come back to Midland from the Trading account withdrawal and we have transfer paperwork or a distribution request, then we can send the funds over to the new custodian or to you personally.