Timing of Payments|
PAPER CHECK MAILED TO HOME ADDRESS
Paper checks are mailed 5 days before the date the payment is due. If the mailing date falls on Saturday the payment is mailed on Friday. If the mailing date falls on Sunday, the payment is mailed on Monday. If you have recently moved, the postal service WILL forward the check if you placed a forwarding request with them, but they do require an additional 3 to 5 working days. If you did not place a forwarding address with the postal service, they should return the check to our office. If you have not moved recently and have not received your payment one week AFTER THE PAYMENT DUE DATE, you may request a stop payment. The process to request a stop payment and reissue generally requires two business days to complete.
(See Stop Payment Process)
ELECTRONIC TRANSFER OF PAYMENTS TO YOUR FINANCIAL INSTITUTION
- Payments can be sent electronically to your bank or financial institution which avoids any delay by the postal service.
- Payments that are being electronically transferred are sent the working day before the date the payment is due.
- If the payment date falls on a weekend the payment will be sent to your bank by Friday.
- If the due date falls on a banking holiday, the payment will be sent one working day earlier.
- If the payment is rejected by the receiving bank and we receive corrected account information, we can resend the payment. The process to re-send an electronic transfer generally requires three business days.
- Wire Transfers are not available for these annuities.