Can you lose your IRA if the financial institution holding it goes bankrupt?

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power_house911

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It's just a hypothetical question, but is your money protected if the company you open an IRA with goes bankrupt? Do they hold the money in a separate holding that can't be used for the company's personal finances? And what would they do if they did go bankrupt, send a letter notifying you to rollover to another IRA? Or would they try and distribute it to you, causing tax penalties? Any experts that could help on this subject would be greatly appreciated!!!
 
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