The checkbook control IRA is a term given to IRA accounts that gives holders of a certain account the complete control over their investments by the use of a checking account. The person in control of the account makes sure a trust is created, and these are only able to be managed by the administrator for the account or the holder of the account. Then, a bank account is opened by the IRA. This leads to the owner receiving a checkbook for the account. Now, investments can be made by writing a check.
The Dangers of Checkbook Control IRAs
Quest Trust Company does not offer this type of account.
Although there are pros to this type of account, there are also many cons, and it is important to note that Quest Trust Company does not offer this type of account. Understanding the dangers associated with checkbook control IRAs and knowing that you have other options should be the first consideration when deciding if this is an account you want to open. If you ever have questions about the safest ways to invest your self-directed IRA, call a Quest IRA Specialist at 855-FUN-IRAs and we are always happy to provide more in-depth education.
For more education about the checkbook control IRA and a detailed background on why we do not offer this type of an account: Read articles on Checkbook Control/IRA LLCs for more information