Archives: FAQs

How do I update my credit card information?

Please contact our support team at 800-721-4900 to update your credit card information.

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What payment methods does Madison accept for custodial and transaction fees?

Credit Card Auto-deduct from your Madison account

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What is Madison’s minimum cash balance?

The minimum cash balance is $500 which may be paid as follows:  Personal Check (non-IRA deposit) Credit Card (a $25 administrative fee will apply) Deduction of $500 from your IRA funds  The minimum balance is not a cost to you. Madison will only deduct funds from the $500 minimum for quarterly fees if an accountholder […]

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When will I be charged my quarterly fee?

The $75 fee will be charged when you sign up for an account, and then quarterly as follows:  January 1st – $75April 1st – $75July 1st – $75October 1st – $75

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What is Madison’s quarterly custodial fee?

The quarterly custodial fee is $75 (this includes the first asset). The custodial fee for additional assets is $25 per quarter.  To learn more about our flat rate model vs. the asset based model used by other custodians, please click here: Pricing Model. Please click here to view our complete Fee Schedule.

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How much does it cost to set up a Self Directed IRA?

The cost to set up an account at Madison Trust Company is $50. 

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How do I designate an Interested Party or Authorized Party on my account?

To designate an Interested Party or Authorized Representative on your account, please complete a Representative Authorization form. An Interested Party is authorized to access account information but is not authorized to provide directions.  An Account Representative has full access to your account and is authorized to instruct Madison Trust concerning your account. You can remove […]

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How do I add or change a Beneficiary on my Account?

To add Beneficiaries on your account, please complete a new Beneficiary Designation form. To change Beneficiares on your account, please complete a new Beneficiary Designation form and have it notarized. The form can be submitted to us via fax (845-947-1212) or via our secure upload portal. Please keep in mind that all prior beneficiaries will […]

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How do I update my Address, Phone Number or Email Address with Madison Trust?

To protect the security of your account, please provide us with a signed Change of Address form to notify us of a change in your physical address, phone number or email address.

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When will I receive a copy of Form 5498?

A copy of Form 5498 will be mailed to you by May 31st of the relevant year.  The IRS requires all IRA custodians to file form 5498 annually to report the fair market value (FMV) of the asset(s) held in your IRA based on the client-reported last-known-value. Form 5498 indicates any rollovers, contributions, conversions and […]

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