A checkbook IRA entity transfer is the process of moving custodial ownership of your existing checkbook LLC or Trust entity from your current custodian to Fortis Bank. This allows you to send your bitcoin directly into your Unchained IRA vault without selling it. Your existing entity will be terminated or dissolved once the transfer is complete.
What you’ll need:
- An Unchained IRA with an active vault
- Only bitcoin and USD in your checkbook IRA entity
Caution: Fortis Bank can only accept bitcoin and USD from checkbook entity transfers. If your Checkbook entity holds assets other than BTC or USD, you cannot proceed with this funding method unless they are converted to USD or BTC.
How to perform the checkbook transfer:
1 . Submit an IRA-to-IRA transfer request.
- Sign in to your Unchained account and select your IRA.
- Navigate to the IRA Cash balance tab at the top navigation bar, and click Fund.
- On the next screen, select IRA-to-IRA transfer and press Continue.
- Select the Full transfer option.
- While entering the Releasing custodian details, choose This is a checkbook IRA and I hold the private keys to this bitcoin.
- Sign and submit the request.
2. Wait while Fortis Requests Custodial Transfer From Your Current Custodian.
Once your transfer request is submitted, Fortis sends a formal request to your releasing custodian. The releasing custodian will reassign custodial ownership of your Checkbook entity to Fortis. This step typically takes 2–3 weeks, depending on how quickly your releasing custodian processes transfers.
You may contact your releasing custodian after your transfer begins to confirm they have received the request.
Do not send bitcoin until you have received formal approval. This ensures the transfer is properly recorded as an IRA transaction.
3. Transfer Bitcoin Into Your Unchained IRA Vault.
Once Fortis approves the transfer, you can deposit bitcoin into your IRA vault. Any USD held in the entity will be deposited into your IRA cash balance at Fortis Bank.
- Navigate to your IRA vault page, click Deposit, and select Show deposit address.
- There will be a red warning that warns you not to deposit to the address. Because this is an approved in-kind transfer, you may ignore the warning and click Copy address.
- Send the bitcoin from your self-custody wallet to the copied vault address.
4. Dissolve your checkbook entity (if applicable).
A trust usually terminates naturally once all assets have been removed. An LLC entity typically requires filing articles of dissolution or termination with the Secretary of State.
Consult your trust document or professional advisor to confirm whether any additional steps are required. Fortis Bank, Unchained, and your prior custodian cannot advise on dissolution requirements, legal matters, or tax consequences.
No contents of this article may be relied upon as tax, legal, or financial advice, as they have not been tailored to you and have not been reviewed by any attorney, financial advisor, or tax professional. For any questions related to your own specific situation, please consult with your own attorney, tax professional, and/or licensed financial advisor.