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EFT: Ensure Recurring Payments Arrive on Time

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.

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

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 a bank letter showing the routing number and account number (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.

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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More About Producer Advisories

Please review this recent compliance alert: New Hampshire INS 305, Suitability of Individual Annuity Sales Recommendations.
We’re always looking to improve the customer experience. Thanks to your feedback, we’re rolling out new options for annual interest payments. See how these new features work.
We mailed IRS Form 1099-R in February to clients who took a distribution last year. You can view and download 2023 and prior year tax forms on the Annuity Portal.
Required Minimum Distribution notifications were mailed out at the end of January. Here’s the rundown on who we sent them to and what to expect.
We’re sending out IRS Form 1099-R in January. We’ll also post them on the Annuity Portal at that time. Take a second to mark your calendars and remind your clients.
Please review this recent compliance alert: Florida House Bill 1185, Suitability of Individual Annuity Sales Recommendations.
Please review this recent compliance alert: Kansas K.A.R. 40-1-53, Suitability of Individual Annuity Sales Recommendations.

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Doing business with The Standard is good for you and your clients. Our annuities offer innovative product design, desirable rates, competitive compensation, high industry ratings and excellent service.

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