Ensure Clients Get Funds When They Need Them
One benefit of an individual annuity contract is that it gives you access to a regular payment stream. 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 specified date. To set up EFT, just send in:
- The Standard’s Request to Initiate/Change EFT of Annuity Payment form 11426
- A 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
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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