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 ACH Distributions Must Go To Checking or Savings Accounts
Electronic Funds Transfers (EFTs) out of EquiTrust annuities to client accounts at other institutions must be sent to Checking Accounts or Savings Accounts. Money Market Accounts and Brokerage Accounts, which have inconsistent numbering systems, are no longer accepted as recipient accounts for ACH funds transfers. Due to the difficulty or inability to verify such account numbers at these institutions, ACH transfers are prone to delays and possible errors.
If you receive an ACH tranfer request from your client, the voided checks are typically marked "Money Market." Or, the registration on the account may include "FBO" (For the Benefit Of).
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