A retirement account IRA owner can designate specific individuals or other entities, such as a trust or a charitable organization, as IRA primary or contingent beneficiaries.

• The named beneficiaries who survive an IRA owner inherit any assets remaining after the IRA owner's death.
• If an IRA owner does not name a beneficiary or all of the beneficiaries pre-decease the IRA owner, the assets pass to the IRA owner’s estate.

Information Needed for Beneficiaries

• Name
• Taxpayer identification number (TIN)
• Date of Birth
• Current Address
• Current Phone Number
• Relationship to IRA owner

After an IRA owner's death, the named IRA beneficiaries can usually receive the IRA assets directly. Beneficiaries generally begin taking required minimum distributions from a decedent's IRA by the end of the year following the year of death or within a specified period. We encourage you to contact an IRA representative at Third Federal by calling 1-877-324-5661 for options available to the named beneficiaries.

To view Tax Statements, login to your Third Federal Online Banking account, navigate to the Statements and Documents tab, click on the Tax Statement card.

If you are not currently enrolled in electronic tax statements, navigate to the Statements and Documents tab, select View Profile in the upper right corner, and then select the Pencil to edit your preference to Electronic and then click Submit. You will receive an email when your tax statement is available for viewing.

If you prefer to receive a hard copy, tax statements will be mailed by January 31 each year for the previous year. If you have not received your tax statement by February 15, you can request a copy by sending a secure message through Online Banking (located under the “Secure Messaging and FAQs” tab), or visit your local branch for assistance.

Yes, Third Federal will accept rollover deposits into an IRA. We will accept a rollover from a Traditional, Roth, and SEP IRAs. We also accept direct rollovers from a qualified retirement plan (QRP). Third Federal Savings will rely on the representation of the employer or plan administrator and/or the participant to ensure the funds are eligible to be deposited as a rollover.

We will report the rollover / direct rollover to the Internal Revenue Service and the customer on IRS Form 5498.

*Consulting with a tax or financial advisor is recommended before making a rollover contribution.

We offer debit card access to our Checking and Statement Savings accounts; however, we do not offer ATM only cards. You can use your Third Federal Debit Card to make unlimited, free purchases at any retailer worldwide that accepts MasterCard®.

Third Federal has partnered with Fifth Third to provide ATM access.  As long as you stay within the Fifth Third's ATM network, there will not be a Third Federal surcharge associated with your withdrawals.

The first four ATM withdrawal transactions at any Fifth Third ATM machine within your statement cycle period (monthly) are free of charge. After the fourth ATM withdrawal, your account will be accessed a $2.00 fee for each additional withdrawal within the statement cycle period. 

Yes, FDIC deposit insurance is $250,000 per depositor.

FDIC allows for separate $250,000 coverage for deposits held in your name alone (single accounts), accounts with more than one person (joint accounts), accounts that name beneficiaries when you die, and certain retirement accounts such as IRAs.

For more information on FDIC insurance, please visit the FDIC website at www.fdic.gov.(Opens in a new window)

For the Interest Savings account, there is daily interest accrual which is compounded and paid monthly.  Usually this interest posts around the 26th or 27th of the month.  

You will receive an annual statement unless there is activity on the account such as a withdrawal or a deposit.  Interest posting alone does not count as activity.

Third Federal offers Savings Accounts, Retirement Savings Accounts, Certificates of Deposit and High Yield Checking.

You'll need to provide the following information when opening an individual or a joint account:

• You will need a valid Driver's License, State ID or US Passport.
• A valid U.S. address and Social Security number are required.
• You must be at least 18 years old and a U.S. citizen or a U.S. resident alien.
• You will be required to provide personal information, including your birth date.
• If you choose to fund your new account via a transfer from another deposit account at another bank, you'll need to provide the routing number and account number of that deposit account.

You have 60 days from the day we send your bank statement to dispute an ACH and claim it is unauthorized.

When opening an account online, you have the option of individual or joint owner account relationship. If choosing a joint ownership relationship, you may only open the account with one primary owner and one joint owner.

Currently, retirement accounts are not available online.

Currently, an IRA account may be opened by visiting your local branch in Northeast Ohio or Florida or by calling our Customer Care Service department at 1-877-324-5661. This transaction is not available online.

Traditional IRA: Contributions may be tax-deductible and the interest earned is tax deferred. Taxes are deferred until the year in which the withdrawal is made.

Roth IRA: Contributions are not tax- deductible, however, the earnings may be tax-free on qualified distributions.

SEP: A Simplified Employee Pension (SEP) is for those who own a small business or are self-employed. Taxes are deferred until the year in which the withdrawal is made.

As long as you are working, there is no maximum age to make a contribution to a Traditional, Roth or SEP IRA. Consulting with a tax advisor is recommended before making a contribution.

For more information, visit our Retirement Accounts page.

Yes, since IRA accounts are individual accounts, you can view your own IRA accounts in Online Banking.