EFT Ensures Clients Get Funds on Time

April 1, 2020

One benefit of an individual annuity contract is that it gives you access to a regular payment stream. And many clients rely on annuity payments on specific, recurring dates so they can pay bills and meet day-to-day living costs.

Some people prefer paper checks, which are always an option. However, Electronic Funds Transfer, or EFT, is the best way to ensure that clients receive their funds on time, every time.

EFT delivers funds to a designated account on the stated date. To set up EFT, this is all we need:

  • Form 11426, Request for EFT of Annuity Payout
  • Copy of a voided check (for checking accounts) or the account statement (for EFT-friendly savings accounts)

You may submit originals or copies by mail, fax or email.

Remember that EFT is only available for scheduled payouts, not one-time distributions. Non-recurring distributions must be paid by paper check and can be mailed to annuity contract owners, financial institutions or third parties.

Have Questions?

If you have any questions about setting up EFT, please contact our Service Specialists at 800.247.6888 or send us a message.

 

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