Since you are not permitted to borrow from your Individual Retirement Account, you can make a penalty-free withdrawal under certain circumstances. The 10% penalty that applies to most early withdrawals from IRAs (before the account owner reaches age 59½) will not apply to the following types of withdrawals:
* If these distributions are made from a Roth IRA, they will also be tax-free provided the Roth IRA was held five years or more.
IMPORTANT NOTE: Be careful not to jeopardize your retirement savings by making withdrawals from your IRAs. Explore other ways to borrow first.
First United offices will be closed, Saturday, August 20; to celebrate our employees with a company-wide event.
You may still access First United through our ATM Network, or using Online or Mobile banking.