Purging IRAs

Related Topics

For more information regarding purging, see Purging Account and Member Records.

IRAs accounts purge in the June and September quarter-end purges:

  • The purge date is 365 days or greater than the last transaction date for the account. If the last transaction date is zero, Portico purges the account when the purge date is 365 days or greater than the Date Joined field on the Contact Information tab.
  • The Allow Account to Purge checkbox is selected on the Stmts/Reporting/Notices tab.
  • The last dividend date is prior to January of the current year.
  • The certificate balance is $0.00.
  • The certificate maturity date is prior to or equal to the last quarter-end date.
  • The last statement balance is $0.00.

The following exceptions appear on the 935 Report if an IRA does not meet the purge criteria:

  • C09 - The member has an IRA certificate. IRA certificates are purged in June and September purges.
  • C10 - The member has an IRA certificate with a last interest-paid-to-date during the current year.
  • C11 - The member has an IRA certificate with year-to-date interest and does not have an IRA share account.
  • S07 - The member has an IRA share. IRA shares are purged in June and September purges.
  • S08 - The member has an IRA share account with a last transaction date this year.