Frequently Asked Questions (FAQs) | Schwab - Millennium Trust Company
Frequently Asked Questions

Quick answers to your most immediate questions

How can we help you?

  • How do I open an account with Millennium Trust?

    You have two options for completing the new account opening, funding and investment direction paperwork:

    • Online and e-sign all documents, or
    • Download paper versions and mail the documents to us
  • What types of accounts can I open at Millennium Trust?

    While we specialize in IRAs, we provide custody for non-retirement accounts for individuals, trusts and other organizations.

  • How do I check on the status of the account opening?

    If you supplied your email address, you will receive email notifications on the status of your account opening, funding or investment transactions. You may also contact us anytime during business hours to speak to one of our client service specialists.

  • What are your fees to open the account?

    Depending on your account type and assets held, an annual maintenance fee and possibly asset holding fee(s) may apply. For full details, please see our standard fee schedule.

  • How do I find out if Millennium Trust will custody the asset?

    While unique requirements may apply to the specific alternative asset, all alternative investments begin with Millennium Trust's Pre-Custody Process. This is only to determine whether custody of the asset is operationally feasible. For more information download the Pre-Custody - Required Documentation PDF.

  • If I open a new account with Millennium Trust, how long before a purchase can be made in the account or I can start investing?

    The Internal Revenue Service regulations allow for a 7-day revocation period for all new IRAs. As a result, there is a hold on directing any investments for new accounts until after this revocation period (unless otherwise waived). Only after all investment documentation has been properly executed and account funding has cleared can the investment be made on your behalf.

    This varies based on two factors — the amount of time it takes to fund or transfer assets to your Millennium account and the type of alternative asset to be held in the account. For specific details on various alternative assets, visit the self-directed IRA offerings page.

  • How are my funds sent for the purchase of an alternative investment?

    Once you direct the investment, we will typically send the funds by wire transfer or check. Paperwork is sent by regular mail or, if directed, express mail (appropriate fees apply).

  • Can I have the transfer/investment purchase expedited?

    Transferring funds or other assets from another trustee or custodian to Millennium Trust can be a lengthy process, over which Millennium Trust has limited control. IRA transfers may take three to four weeks or longer to complete. Millennium Trust follows up with the transferring custodian, but in some cases, the prior custodian does not provide Millennium Trust with status reports or the expected date of transfer. In the case where you are transferring assets in kind (i.e. not liquidating and transferring cash) another issue to be faced is the re-registration of your asset by the investment sponsor(s). If time is an issue, contact your existing IRA custodian or your broker and request that they do their best to expedite the transfer of funds.

  • What are your wire instructions?

    Wire funds to: Fifth Third Bank, 5050 Kingsley Drive, Cincinnati, OH 45263

    Include in wire instructions:
    ABA#: 042000314
    Credit Acct#: 69176019
    Acct. Name: Millennium Trust Company as custodian for IRA client and other custody accounts
    For Further Credit: (Enter client name here)
    Millennium Acct#: (Enter account number here)

    If funds are being wired, please fax the Deposit Form to the attention of Millennium Trust Company's Cash Processing Department at 630.382.5234. If you are transferring funds to Millennium Trust Company, wire transfer fees from your bank or custodian may apply. Please check with your current bank or custodian. If funds need to be wired back to your Millennium Trust account, a wire fee may apply.   

  • Who can open an Inherited IRA?

    Any spouse or non-spouse beneficiary of a Traditional, Rollover, SEP, SIMPLE or Roth IRA can open an Inherited IRA. With an Inherited IRA, the assets can remain tax-deferred —until IRS regulations require that they be withdrawn.