PAC set-up notice
- is produced 10 business days before the day we send the PAC withdrawal to the bank. If the PAC is due to start in less than 10 business days, the notice is produced the same night the PAC was set-up and is mailed out the next working day.
- indicates a $25 fee will be charged if not enough money is in the bank account to pay the PAC withdrawal.
- is mailed directly to the PAC payor. If we don't have their address, the notice is sent to the PAC payor at the address of the lowest in force contract number on the PAC arrangement. No notification is sent to the advisor of record.
PAC change notice
- is produced 10 business days before the day we send the PAC withdrawal to the bank. If there are less than 10 business days before the next withdrawal date the change is to take effect on, the notice is produced the same night the change was done and is mailed out the next working day.
- is produced whenever the PAC withdrawal amount changes by more than one dollar. This could be a change the client requests (e.g. change loan payment from $50 per month to $100 per month) or it could be an automatic change in the policy premium amount.
- indicates a $25 fee will be charged if there is not enough money in the bank account to pay the PAC withdrawal.
- is mailed directly to the PAC payor. If we don't have their address, the notice is sent to the PAC payor at the address of the lowest in force contract number on the PAC arrangement. No notification is sent to the advisor of record.
PAC returned notice
- is produced each time a PAC withdrawal is returned by the bank
- is mailed directly to the PAC payor. If we don't have their address, the notice is sent to the PAC payor at the address of the lowest in force contract number on the PAC arrangement and, an email notification is sent to the advisor of record of the lowest policy number on the PAC arrangement (even if there are multiple advisors of record)
The notice contains the following information:
- date of the returned PAC withdrawal
- policies on the PAC arrangement
- breakdown of the payments on the PAC arrangement (premiums, policy loan, premium fund)
- lapse date, if the payment was for a premium
- outstanding amount(s)
- the returned payment fee to be paid, if there is one (shown in Total owing)
- bank account number
- name of the bank that returned the payment, and
- due date for a replacing payment and/or new banking information
PAC stop notice
- is produced when an entire PAC arrangement is cancelled, or when one or more policies are cancelled from a PAC arrangement.
- is produced automatically the next business day after a PAC cancellation has taken place (exception: when only one policy is cancelled and one or more policies remain active on the PAC arrangement, the notice does not produce until the day we send the next withdrawal request to the bank).
- is mailed directly to the policy owner.
- is mailed directly to the PAC payor. If we don't have their address, the notice is sent to the PAC payor at the address of the lowest in force contract number on the PAC arrangement and, an email notification is sent to the advisor of record of the highest policy number on the PAC arrangement (even if there are multiple advisors of record).
The notice contains the following information:
- date the PAC withdrawal was stopped
- policies on the PAC arrangement
- breakdown of the payments on the PAC arrangement (premiums, policy loan, premium fund)
- lapse date, if the payment was for a premium
- outstanding amount(s)
- the returned payment fee to be paid, if there is one (shown in Total owing)
- bank account number
- name of the bank that returned the payment
- requirements needed to restart the PAC, and
- replacing payment and/or new banking information
