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Frequently Asked Questions

What is an IBAN and is it required for international transfers?

The International Bank Account Number (IBAN) is an international standard of identifying bank accounts across national borders.

North Shore Bank does not issue IBANs, our ABA routing number is 275071356, and we operate within the Federal Reserve banking system.

FAQs

Effective January 1, 2018, pursuant to the Tax Cuts and Jobs Act (Pub. L. No. 115-97), a conversion from a Traditional IRA, SEP, or SIMPLE to a Roth IRA cannot be recharacterized. The law also prohibits recharacterizing amounts rolled over to a Roth IRA from other retirement plans, such as 401(k) or 403(b) plans.

A Roth IRA conversion made in 2017 may be recharacterized as a contribution to a traditional IRA if the recharacterization was made by October 15, 2018. A Roth IRA conversion made on or after January 1, 2018, cannot be recharacterized. For details, see “Recharacterizations” in IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

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