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What Sets Us Apart? How About Our Bill Pay?

Accuplan has recently launched the ability to pay certain bills and expenses from your Self Directed IRA through an online system.  This new bill pay feature will greatly enhance the speed and efficiency in which bills can be paid through your Self Directed IRA.   Many of our clients have started to use this system and many are still unaware that this feature is available.  This blog is intended to help those unfamiliar with the process.

How does a bill get setup for the online bill pay system?

  • All first time bills must be submitted to AET via the current  process (i.e. Need Direction of Investment form and copy of the invoice). This will insure that the bills are appropriate and relevant to the account. This is how the process currently works.
  • Upon funding of the Direction Form, the Direction Form will be auto converted to a bill payment. This will make the Bill Pay item appear on the account holder’s account when they login.
  • When this same bill needs to be paid again, in the future, the account holder will login to their account and go to the Bill Pay menu item.
  • The account holder will click on “Make A Payment”, input the amount, confirm the amount and hit submit.

What happens after you submit payment?

  • When the account holder hits submit, the amount requested we automatically be deducted from their account. This will be seen online immediately.
  • The account holder will receive an email letting them know that the transaction was successful. And, again, they will see it in their online cash account balance.
  • The date on the transaction will be for the next available business day.

What bills and expenses are allowed through the online bill pay system?

  • HOA fees
  • Utilities (water, sewer, garbage, etc.)
  • Property Taxes
  • Mortgages/loan payments
  • Insurance
  • Single member, 100% owned IRA-LLcs
  • Some brokerage accounts
  • Withdrawals/distributions

What does not qualify through the online bill pay system?

  • Any item that cannot be directly linked or attributed to the IRA asset
  • Any item that does not directly link to a specific account attached to the IRA asset
  • Any item that represents contract work or work of a varying nature or project based sheet rocking, painting, clean up, construction, general improvements, landscaping, etc.
  • Any item that can be subject to the misdirection of funds into non-IRA assets (i.e. subject to the client having personal expenses paid from the IRA)
  • Any item that represents the future acquisition of an asset (e.g. realtor fees for locating a property, inspection fees for new property, etc.)
  • Any item that requires a contract to be established and/or documents to be executed
  • Any item that requires submission of coupons or other attachments along with a payment

The following is an example of how the bill pay section looks.
Online bill pay

If you have any more questions about the new online bill pay system feel free to call, email, or comment below.

Author: , Self Directed IRA Professional