Are there fees associated with opening an IRA?

I want to roll over my retirement plan from a previous employer to an IRA. Are there fees or a commision charged by most plans when you start up or annual charges? Would they wave the fees if you aready bank with them? I live in the Nebraska and we have Wells-Fargo, Edward Jones, Bank of the West, and First National nearby. I was also looking at the IRA's that ING offers online. Anyone have experience with any of these?

Public Comments

1. I have used a few of those. Generally when you roll over a plan to another bank or from a previous employer there is no fee for the rollover, only a little paperwork. Most companies charge an annual fee of around $35 for the account and of course you will be charged fees when stocks, bonds, mutual funds, etc. are traded in your account based upon their standard rates or rates you have negotiated.
2. ha ha i thought u were talking about something completely different there. that question looked abit mad to me for a sec, sorry cant help u out, just thought id leave an answer anyways as i took the time out to read the descrition, good luck
3. as William had mentioned, there are no fees for the new custodian to accept your rollover, but it would depend on the product you choose to invest in. some institutions have an up-front load (fee) as well as annual fees. some may not have loads but will have annual fees as well as a percentage of your balance charged as well. it would depend upon the size of your rollover to see if you can negotiate for lower fees. if you are rolling over a large balance then you may have more leverage. just make sure you are dealing with a Retirement Planning Specialist in the Trust Department of the banking institution that you are looking to open your IRA with. good luck.
4. Some charge fees for set-up or annually, but many don't. Most common is a fee when you move your IRA to another provider. MAKE CERTAIN YOU HAVE SOMETHING IN WRITING STATING THAT YOU WILL BE ALLOWED TO MOVE YOUR IRA IF YOU DECIDE TO DO SO AT A LATER DATE AND STATING WHAT THE FEE WILL BE. ONCE UPON A TIME, SOME IRA PROVIDERS WOULDN'T ALLOW IRA OWNERS TO MOVE TO ANOTHER PROVIDER AND IT WAS LEGAL IF IT WAS IN THE ORIGINAL AGREEMENT. I DON'T KNOW THE LAW TODAY. Check out first the mutual funds in which you wish to invest to make certain they are offered by the IRA. Wells Fargo might be very good, especially if you already are a client. I use their discount brokerage offering and it would be good for an IRA, if you like their mutual funds. If you aren't going to use mutual funds, or you like Fidelity funds, Fidelity offers a great brokerage service. If you have a large amount of money, consider two IRAs to match your needs.