Husband is told he needs to open savings account under his name only to received IRA distribution at 70 1/2

Hi Terry, my husband told me that he is required to open up a savings account in his name only in order to receive his MRD from the IRS. That they would not deposit it in our joint account. Is this accurate?

Terry Says:  Absolutely incorrect.  On many accounts.  First, he does not receive a minimum required distribution from the IRS!  He receives it from the custodian of his Individual Retirement Account (IRA).  I hope that was just a typo on your part!  Second, as long as his name is on the account, the check can be direct-deposited or it can be sent to him and he can endorse the check and deposit in any account on which his name appears.  If the IRAcustodian persists in telling you he cannot, please write back to me and I will set them straight!