I did e-mail Lending Club to ask about switching IRA custodians as they previously had told me that it was possible to do so. The new custodian they have recently been using only had maintenance fees if the notes balance went below $5,500 rather than $10,000. I figured transferring custodians would be one way to avoid the fees. Below is the response I received. Summary: no longer possible to change custodians but they will cover yearly fees as account winds down. Strange part is that they left it to me to contact them once my balance goes below $10,000 to get added to the waiver list.
Thank you for reaching out!
LendingClub will be happy to cover your IRA account maintenance fee with STRATA Trust if your balance happens to fall below the 10k threshold. The fee is assessed on the month of your anniversary with LendingClub (August) so please reach out to us prior to then if your balance drops below 10k and we will add you to our list.
At this point we can no longer transfer you to our new IRA custodian as the funnel for new accounts was closed a week or so ago. With this being said it should not matter as the only difference between the two Custodians was the lower annual fee, however since we will be covering this for you this should not affect you in any way.
