Client Service Policy Change:
Global View is making a change to our process for transferring money from client investment accounts into client personal accounts. We are choosing to make the change to ensure that each client is fully protected and secure.
Currently, Global View uses what is termed as “Standing Letters of Authorization,” which allows clients to request money from their investment account and have it deposited into a personal account. This process will continue, but with one significant change. Currently, some Standing Letters of Authorization link Individual Investment Accounts to Joint Personal Accounts. We will no longer be able to move money from an individual account to a joint account without signed permission per each request. This is to protect the individual investment account holder. An example: Accounts like IRAs legally have a single owner, however a joint checking account has two owners. The new rule will not allow a transfer from an IRA to a joint checking account without a signed request from the IRA owner. The good news is that a transfer from an IRA to an individual checking account will remain permissible.
Most clients will not be immediately impacted by this process change. Clients who are directly impacted will have a conversation with a team member. For anyone who wants additional information, please contact us.