Client getting drilled with questions at bank

[Life Hawk]

Simply avoid them.

And at all cost if you can. When I have had to make a trip to the bank... I bring my in my sales binder and show who I am what I do and included lic... dress well and put the young one behind the counter back on their hills (nicely of course... but firmly).

You are the professional here.

 

[DHK]

Hmmmm...well most carriers will not take cashiers checks as a form of deposit. BUt I agree banks are a royal pain in the ass. Simply avoid them. A client should be writing a personal check to fund a annuity. The only other way a bank gets involved is for a med. sig guarantee, which you can avoid by using your FMO (if you are with a large one) or if money is coming from a CD. Moving money from a CD is pretty easy but you have to explain to the client that banks do not like losing money and will say anything to keep your money.
Dealing with banks is a complex topic feel free to IM me with a specific situation and I will try to help.

Every carrier takes cashier's checks. Perhaps not money orders though.

You must not be dealing with qualified plan rollovers. That's when you roll over a 401(k) to an IRA money market and then from there to the annuity carrier. The cashier's check is made payable to the annuity carrer "FBO IRA for Client, SSN".

 

[jasperjohns]

Every carrier takes cashier's checks. Perhaps not money orders though.

You must not be dealing with qualified plan rollovers. That's when you roll over a 401(k) to an IRA money market and then from there to the annuity carrier. The cashier's check is made payable to the annuity carrer "FBO IRA for Client, SSN".

DHK you are correct my bad. I was thinking money orders. Same point though regarding the thread question.....if money is coming from a bank client should write a check. If coming from a CD....client still should not go to bank just have a request for funds form from carrier go to bank.