To add or change a client's banking information, the banking information must be confirmed by providing:
- a personalized cheque marked VOID or a direct deposit form from the client's bank, and
- the required form:
- for scheduled withdrawals - E25 - Scheduled automatic withdrawals from a guaranteed wealth product
- for adhoc withdrawals - E81 - Withdrawal or transfer from a guaranteed wealth product
Deposits must be made to a Canadian bank.
The owner of the bank account must be the same as the account holder.
Your request must be received at least 5 business days before the payment date or the payment will not go to the new account. This could delay the client receiving their payment as it may take up to 7 days for payments to be returned from the bank.
If there is an irrevocable beneficiary on the policy, both the policyholder and irrevocable beneficiary must sign either a letter or the applicable form above.
