Frequently Asked Questions: Investing and Retirement

Citizens Securities, Inc. offers you two account-opening options:

• Representative Assisted Accounts offer you the guidance of an experienced Financial Advisor helping you determine your short- and long-term investment goals. To open a Representative Assisted Account, please visit a Financial Advisor at your local Citizens Bank branch or contact us to arrange to speak with a Financial Advisor.
• Self-Directed Accounts enable you to develop your own investment strategy without the assistance of a Financial Advisor. With a Self-Directed Account you'll be able to process your own online trades. To open a Self-Directed Account, please contact us to have the forms mailed to you.

Due to the passage of the "USA PATRIOT ACT" we are required to notify our customers of the following:

Verification of Customer Identity - Federal laws and regulations require us to request information from you prior to opening an account or adding an additional signatory to an account. The information we request may vary depending on the circumstances, but at a minimum, will include your name, address, identification number such as your Social Security or taxpayer identification number, and for individuals, your date of birth. We are also required to verify the information you provide to us. This verification process may require you to provide us with supporting documentation that we deem appropriate. We may also seek to verify the information by other means. We reserve the right to request additional information and/or signatures from you from time to time. In all cases, the protection of our customer's identity and confidentiality is our pledge to you.

You can fund your accounts by linking it to one of your Citizens Bank accounts or via check.

If you'd like to make an additional purchase to an existing fund, please contact your Financial Advisor or contact us. If you prefer, you may mail a check ($U.S.) and a signed letter of instruction including your account number and fund information to the following address:

Citizens Securities, Inc.
JCB135
PO Box 42033
Providence, RI 02940

Please make your check payable to National Financial Services LLC.

In some cases, the check will be made payable directly to the annuity carrier. Please work with your Financial Advisor or contact us.

To wire funds to your Self-Directed Account, please have the wire addressed to:

JP Morgan Chase Bank, NY
One Chase Manhattan Plaza, New York City, NY
10005
ABA # 021000021
F/A/O NFS
A/C # 066-196-221
F/B/O Customer’s Name and "NFS A/C # XXX-XXXXXX"

The minimum initial investment to open an account is the fund company specific. All funds must be sent by check ($U.S.) made payable to "National Financial Services LLC". For other accounts such as a 529 plan, please contact us for specific initial investment requirements.

To make a contribution to your existing Traditional IRA, Roth IRA, or SEP IRA, please work with your Financial Advisor or contact us. If you prefer, you may mail a check ($U.S.) made payable to “National Financial Services LLC” and a signed letter of instruction including your account number and purchase information to the following address:

Citizens Securities, Inc.
JCB135
PO Box 42033
Providence, RI 02940

You may request a distribution from your retirement account by completing the IRA Distribution Request Form that is available through a Financial Advisor at your local Citizens Bank branch or by contacting us. An IRA Distribution Request Form will be sent to you to complete and return to us. When Citizens Securities, Inc. has received the form, we will process the distribution per your request. Some IRA Distributions can be processed directly over the phone by contacting us.

Required minimum distributions from an IRA must begin by April 1 of the year following the year an individual turns 72. Required minimum distributions do not apply to Roth IRAs.

To set up a required minimum distribution from your IRA, please visit a Financial Advisor at your local Citizens Bank branch or contact us. A form will be sent to you to complete and return to us. When Citizens Securities, Inc. has received the form, we will calculate the required minimum distribution for you.

If you have a Representative Assisted Account, you may change or add a beneficiary(ies) to your IRA by completing the IRA Beneficiary Form that is available through a Financial Advisor at your local Citizens Bank branch, or contact us.

If you have a Self-Directed Account, you may change or add a beneficiary(ies) to your IRA by completing the IRA Beneficiary Form and mailing it to:

Citizens Securities, Inc.
JCB135
PO Box 42033
Providence, RI 02940

To roll over or transfer an existing account from another broker/dealer to your Representative Assisted Account, please visit a Financial Advisor at your local Citizens Bank branch or contact us to arrange to speak with a Financial Advisor.

To roll over an existing account from another broker/dealer or plan provider to your Self-Directed Account:

For 401(k)’s, 403(b)’s, etc., please complete the IRA Direct Rollover Authorization Form along with a most recent statement from the plan provider, and all plan provider paperwork. For IRA accounts, please complete the Transfer of Assets form and attach a current statement.

Mail the paperwork to:

Citizens Securities, Inc.
JCB1355
P.O. Box 42033
Providence, RI 02940

If you do not currently have an account with Citizens Securities, Inc., you will need to open an account prior to the transfer.

To transfer an existing non-retirement or retirement account from another broker/dealer to your Citizens Investment account, please see your Financial Advisor at your local Citizens Bank branch or contact us to arrange to speak with a Financial Advisor.

If you do not currently have an account with Citizens Securities, Inc., you will need to open an account prior to the transfer.

Yes, you may designate one or more beneficiaries to receive the assets of your account after your death. Please note your account registration will change to a Transfer on Death registration.

If you have a Representative Assisted Account, you may process a redemption or exchange funds through your Financial Advisor or by contacting us. One of our Financial Advisors will be able to assist you. All stock trades must be called into the Citizens Securities, Inc. Trade Desk 1-800-942-8300 option 2 by the client.

If you have a Self-Directed Account, you may process a redemption from your equity account, and exchange funds or place a stock trade from your IRA or equity account through our online trade service, by using our Automated Account Service, or by contacting us.

You'll receive the redemption proceeds generally within 5-7 business days from the settlement date depending on the date and time the redemption occurred and the method in which the funds are sent to you.

You can reinvest dividends on any United States stock or mutual fund held in your account at no charge. This service is available on all dividend-paying stocks and mutual funds listed on any exchange and any Nasdaq issue.

Your account will automatically be credited with cash in lieu of fractional shares. Dividend monies will be reinvested in the open market on your behalf by placing a market order prior to the opening on the dividend payable date.

You can set-up or make changes to your dividend reinvestment for any or all securities held in your account by contacting us.

To change the address on your account, please contact us. One of our Customer Service Specialists will be able to assist you.

In order to view your brokerage account, it is suggested that you are using the most recent version of Microsoft Internet Explorer or Google Chrome™. Previous browser software versions may not support all of the functionality needed to view your brokerage account.

Adobe Acrobat Reader is required to open some of the content on this site. To download a free version of Adobe Acrobat Reader, please visit www.adobe.com and follow the on-screen instructions.

To view your brokerage account online, please click. You will need to enter your User ID and Password in the Login Box. Please keep in mind that if you changed your Password on our Automated Account Service, the new Password will be used for online access.

After entering your User ID and Password, you may change your Password by choosing the User Options link, then Change Password. You'll be prompted to enter your current and new Password. Please note that changing your Password online will also change your Password on our Automated Account Service.

If you forgot your Password, please click on the Forgot/Reset My Password link on the Citizens Securities, Inc. – the WealthScape Investor homepage can be found here.

Should you need additional technical support if you have problems configuring your browser or receive an error message, please contact us at 1-800-656-6561, option 3, 24 hours a day, 7 days a week. A representative will be able to assist you. Please note that these representatives are not able to discuss your account with you.

For any other issue, please contact us.

The Automated Account Service is a 24-hour automated system that allows you to use your phone to gather account information via voice recognition or by using your touch-tone keypad.

The Automated Account Service provides:

• Access to over 20,000 mutual funds and listed stocks on the NYSE, Amex, and Nasdaq
• Free access to real-time market quotes for stocks, mutual funds, and market indicators
• Total security through your confidential Password
• The ability to place buy or sell orders, market orders, and limit orders (Day or Good ’Til Canceled ("GTC")) for stocks or mutual funds on Self-Directed Accounts
• Ability to replace an existing order with a new order on Self-Directed Accounts
• Fast, convenient access to your account information
• A comprehensive demonstration program you can access at any time
• Simple to follow menus and "prompts"
• Immediate transfer to a customer service specialist during business hours

Please note: that certain features are not available to all account holders.

You may change your Automated Account Service Password at any time by saying “Change Password” in the Automated Account Service user menu.

For additional information about our products and services, please contact us:

By telephone

Representative Assisted Accounts: 1-800-942-8300

Self-Directed Accounts: 1-800-456-0603

Our Investment Services Specialists are available Monday through Friday between 8:00 a.m. and 6:00 p.m. EST.

By mail

Citizens Securities, Inc.
JCB135
PO Box 42033
Providence, RI 02940

Please be sure to include your name, address, account number, telephone number, and signature/date on all correspondence.

To view the Citizens Securities, Inc. Privacy Policy, please click here.

Yes. Citizens Securities, Inc. offers Traditional IRA’s, Roth IRA’s, and allows customers to rollover an IRA.

A Traditional Individual Retirement Account (IRA) is a retirement account created for individuals to set aside money each year for retirement. The earnings are tax-deferred until they're able to make withdrawals at 59½ years of age or older, and is then taxed as regular income.

A SEP (Simplified Employee Pension) plan may be the best option. To obtain detailed information, call our Retirement Services department at 1-800-948-7200.

There are many benefits to opening an IRA, including potential tax-deductible contributions, deferred taxes on earnings until you start making withdrawals, and the option to use your IRA to withdraw money (up to $10,000 penalty free) for a first-home down payment. Other penalty-free withdrawals include, but are not limited to, qualified higher education expenses, qualified first-home purchase (lifetime limit of $10,000), certain major medical expenses, certain long-term unemployment expenses, and disability or substantially equal periodic payments.

The most important benefit of opening an IRA with Citizens Securities, Inc. is the personalized guidance we provide.

In addition to putting you in a position where you’re in complete control of your retirement, a Citizens Securities, Inc. Rollover IRA may increase your investment options, consolidates your assets for easier management, keeps your assets growing tax-deferred, and transfers funds tax-free and penalty-free from other retirement plans. For more information contact a Citizens Securities, Inc. Financial Advisor.

Although the amounts generally change annually due to inflation, contribution limits for 2021 and 2022 is $6,000 if you are under 50 years of age (calendar year) and $7,000 if you are 50 years of age (calendar year) and older.

The date your income taxes are due for that tax year is generally April 15 of the following calendar year.

Yes, if you are married and filing a joint tax return and your modified adjusted gross income (MAGI) equals or exceeds the combined contribution amount for you and your spouse.

At any time, but the taxable portion of your withdrawal will become part of your income for the year. In most cases, if funds are withdrawn before age 59½, a 10% IRS tax penalty will be applied on the taxable portion of your withdrawal. Certain exemptions may apply, such as the purchase of a first home (up to $10,000), higher education expenses, or disability. Roth IRA accounts must remain open for at least five years and meet one of the exemptions in order to avoid tax penalties.

Once you reach age 72, you are responsible for a required minimum distribution (RMD) each year. We will not make a withdrawal from your account unless you make a specific request. We offer services to schedule your payment automatically. Consult with a Citizens financial representative to obtain more information.

Yes. A Citizens Securities, Inc. Rollover IRA is ideal for this type of transfer. If you’ve recently changed jobs or received a lump-sum distribution from a company-sponsored retirement plan, a Rollover IRA will allow you to easily transfer your current retirement assets directly into a new account avoiding taxes in the process.

A Financial Advisor can help you easily transfer your current IRA into a Citizens Securities Inc. IRA account that’s suitable for you. Contact a Financial Advisor today.

By opening a 529 account with Citizens Securities, Inc. you’ll receive one-on-one financial guidance and attention from a local Citizens Financial Advisor. Even if you have a relationship with another investment firm, have already started saving, need to discuss a possible student loan, or want to roll over your current 529 to Citizens Securities, Inc., a Financial Advisor can offer you a second look at your current plan to help ensure you are on track with your education planning goals.

It's easy to roll over your current 529 plan to Citizens Securities, Inc.. A Financial Advisor will walk you through the process, and also offer you a second look at your plan, decide if a 529 plan is suitable for your current financial situation, and help ensure you're on track with your education planning goals.

A 529 is a state sponsored investment plan that allows you to pay for qualified higher education expenses at eligible institutions.

Some advantages may include:

• No federal income tax on any investment earnings.
• Tax-free withdrawals for qualified education purposes.
• Typically the parent or grandparent is the account owner, not the child.
• Tax-deferred earnings.
• Contributions may be partially or fully deductible — up to $2,000 — from some state taxes. Check with your Financial Advisor to see if your state participates in this particular tax deduction.
• Anyone can contribute to the accounts.

Contributions to 529 plans vary by state. Please contact a Financial Advisor from Citizens Securities, Inc. to get the most up to date information.

Yes. Although specific rules vary by state, most 529 plans allow for a transfer from another account, tax-deferred, as long as the amount of the withdrawal is not more than the designated beneficiary's qualified education expenses.

If the money is withdrawn for qualifying higher education expenses, the income is tax-free. If the money is withdrawn for reasons other than education expenses, the income is susceptible to federal and state income tax. However, the owner of the account can change the beneficiary to another member of the beneficiary's family — which is convenient if one child decides not to go to college.

A 529 Prepaid Tuition Plan allows you to buy all or part of a public in-state education at present-day prices. A 529 College Savings Plan allows you to set aside money for your child’s education and let it grow tax-deferred.

Investment options can only be changed once per year with two exceptions: when you change beneficiaries or move the money to a different state’s plan.

*One should consider the investment objectives, risks, charges, and expenses carefully before investing in municipal fund securities. More information about municipal fund securities is available in the issuer's official statement. The official statement should be read carefully before investing.