24601NoMore
Thinks s/he gets paid by the post
- Joined
- Dec 8, 2015
- Messages
- 1,166
Hi, all..in the process of trying to open another MYGA and the broker's staff claims that the carrier (Nationwide) told them we need to provide a bank statement to "ensure funds availability" and "determine if an Annuity is the right investment for you". (That second part is really odd, as an overall financial profile with far more data than would be on a single account statement was required as part of the Application. Plus, this would be our 2nd MYGA with Nationwide, and they already determined Annuities were "suitable" for us previously).
Has anyone else ever encountered a similar request? The people we were working with are claiming that "around 75% of ALL carriers" are requiring bank statements as part of the application process, which I find very hard to impossible to believe.
When I told the reps that I didn't see a good business reason for the request (i.e. the funds are either in the account or not in the account, as will be easily determined when I either wire them or Nationwide cashes our check), I also said that doing so would create more work for me as I'd have to black out our account #s after making a scan of a statement.
GET THIS..they came back with "no, you cannot black out the account numbers or make any other modification to the statement as Nationwide will deem that to be invalid".
I was also told that Nationwide insisted on A SECOND account statement if "the funds in the account have been there less than 13 months" to show where the funds came from. HUH? An account statement (even if I provided, which I never would) would show a dollar value, with no indication if those dollars had been there 13 minutes, 13 months, or 13 years. Plus, it just doesn't matter "where the funds came from". So also complete nonsense and a highly suspect request.
This all seems like a Phishing attempt to me. There's no legitimate reason a carrier should ever A) demand an account statement or B) demand that a statement include private and confidential account #s and C) demand yet a SECOND account statement "if the funds had not been in the account for a minimum of 13 months".
I was also told another "reason" they need an account statement is to "determine suitability of a MYGA for (us) as an investor". Um, I already provided "all" of our financial information for the "statement of suitability" submitted as part of the application. Plus, me sending an account statement for one whole account out of a larger portfolio tells them absolutely nothing meaningful.
Anyone else ever have a carrier request a bank statement as part of a MYGA Application? I'd like to triangulate the information I was given that "75% of all carriers are requesting bank statements now, and have been for the past 3 years". (Of note, we have ~6 other MYGAs all opened during the past 3 years, and have never been asked this before).
After I complained vehemently about all this, and told them that there was absolutely no way I would ever provide a bank statement - especially one with account #s, things now appear to be moving forward without that being required.
We worked with this firm (one of the "Big 3"..I hesitate to say who as I don't want to make them look bad) on 2 other MYGAs and had very good experiences. Better than the other 2 that we also worked with. But my experience on this one makes me super uncomfortable.
Thanks for any and all feedback..
Has anyone else ever encountered a similar request? The people we were working with are claiming that "around 75% of ALL carriers" are requiring bank statements as part of the application process, which I find very hard to impossible to believe.
When I told the reps that I didn't see a good business reason for the request (i.e. the funds are either in the account or not in the account, as will be easily determined when I either wire them or Nationwide cashes our check), I also said that doing so would create more work for me as I'd have to black out our account #s after making a scan of a statement.
GET THIS..they came back with "no, you cannot black out the account numbers or make any other modification to the statement as Nationwide will deem that to be invalid".
I was also told that Nationwide insisted on A SECOND account statement if "the funds in the account have been there less than 13 months" to show where the funds came from. HUH? An account statement (even if I provided, which I never would) would show a dollar value, with no indication if those dollars had been there 13 minutes, 13 months, or 13 years. Plus, it just doesn't matter "where the funds came from". So also complete nonsense and a highly suspect request.
This all seems like a Phishing attempt to me. There's no legitimate reason a carrier should ever A) demand an account statement or B) demand that a statement include private and confidential account #s and C) demand yet a SECOND account statement "if the funds had not been in the account for a minimum of 13 months".
I was also told another "reason" they need an account statement is to "determine suitability of a MYGA for (us) as an investor". Um, I already provided "all" of our financial information for the "statement of suitability" submitted as part of the application. Plus, me sending an account statement for one whole account out of a larger portfolio tells them absolutely nothing meaningful.
Anyone else ever have a carrier request a bank statement as part of a MYGA Application? I'd like to triangulate the information I was given that "75% of all carriers are requesting bank statements now, and have been for the past 3 years". (Of note, we have ~6 other MYGAs all opened during the past 3 years, and have never been asked this before).
After I complained vehemently about all this, and told them that there was absolutely no way I would ever provide a bank statement - especially one with account #s, things now appear to be moving forward without that being required.
We worked with this firm (one of the "Big 3"..I hesitate to say who as I don't want to make them look bad) on 2 other MYGAs and had very good experiences. Better than the other 2 that we also worked with. But my experience on this one makes me super uncomfortable.
Thanks for any and all feedback..