Instant answers to your InBank questions
About the eQRP® and InBank Partnership
We want you to feel confident with The eQRP Co and InBank during this transition. Please know that we took the better part of 6 months to build a process and work together to make your experience as seamless as possible. Please always reach out to firstname.lastname@example.org if you were unable to find your answers below.
Is this going to create a taxable event or a distribution?
No. This is simply moving fund from one location to another, all owned by the same plan (your eQRP). You can have peace of mind knowing that because funds are going to stay within the plan, you’re not taking a distribution or triggering an event.
I have several accounts at Solera, how do I know all of my accounts are moving over?
The team at The eQRP Co took the time to collect this information from Solera prior to creating this transition. We will take a list of the accounts you have at Solera and send that same list to InBank. InBank will use that list to identify exactly how many accounts you have and they will duplicate that information for you at InBank. You will receive a summary from InBank once the accounts are opened. This summary will allow you to review and match your account quantity with Solera.
How do I know I’m in good hands during the transition period?
The eQRP Co and InBank value their clients. We made sure to bring together the right people on both teams to make this process effective. The people taking charge with this transition are experienced in their field (bank operations, premier client support, technology). Those that are involved have 10+ years of experience in these fields. Also, Damion doesn’t settle for mediocracy. It’s his intention to make this a positive and successful transition for our clients. He wants what’s best for his clients and this is the same for all involved both at The eQRP Co and InBank.
What if I have additional questions related to this process?
We want to make sure you can connect with us about this process to answer any questions you have. We’ve developed an inbox that you can reach out to for support. This inbox is monitored daily. Although there are going to be several people sending in questions about this process and their sequence of events, Damion and his team have strategized to ensure that support is provided during peak times. We want to answer your questions and we’re positive we have the right answers to them. InBank is an incredible partner and they have experts in premier banking that will assist you once your information has been handed off to them to open your accounts. Once you receive their contact info, please feel free to reach out to them as it relates to the status of your account opening and any additional bank support. We’re working together to make sure you are our priority.
How do I get my money from Solera to InBank quickly and efficiently:
We discussed as a partnership the safest, most efficient way to get your existing funds from Solera to InBank. Banks have a way to do this through ACH. Most are very aware of this process. Those that aren’t, it’s a way for a bank to take a client’s request to move money and send it through a secure channel to another bank account owned by the entity/person at another bank. You’ll receive a form from InBank that will contain your new account number(s). You’ll send this form to Solera to initiate the ACH transfer. This form will also contain the verbiage necessary to close the account once the funds are moved. You can also instruct Solera in the email you send them with this form to close the account on a specific date if that helps you. If you have multiple accounts, in your communication to Solera let them know which account’s funds should be moved to which account at InBank. Again, those new account numbers at InBank will be listed on the form you receive. It will come through in your DocuSign email from InBank.
What do I need to tell my payees or investment sponsors?
You’re going to receive a document from InBank that will contain your new account information. This is all you need to provide to the sponsor or payee. You won’t have to fill out any new subscription agreements because it is all still a part of your eQRP plan. This document will have your account information so that your payees and sponsors can effectively update their payment records.
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