My employer offers a Simple IRA match. The plan they've set up allows me to select the financial institution that will serve as trustee or custodian1.
I see many references to Fidelity in my research for a trustee. However, I notice that neither Fidelity nor any subsidiary, such as National Financial Services LLC, seems to appear in the IRS approved nonbank trustees and custodians.
Does this mean that Fidelity would serve the SIMPLE IRA function as a bank?
1This corresponds with the IRS documentation on SIMPLE IRAs:
You must notify each employee before the beginning of the election period of:
The employees’ ability to select a financial institution that will serve as trustee of the employees’ SIMPLE IRA, if applicable