International Wire Program
Many structured settlement recipients are not citizens of the United States and as a result may find it difficult to receive their structured annuity payments. Most life insurance companies will only remit structured annuity payments to banks domiciled in the United States. More often than not, establishing a bank account in the United States is not possible for non-resident settlement recipients due to logistical concerns and possible language barriers. Even if establishing a bank account in the United States is possible, forwarding settlement proceeds to a bank in their country of residence may be problematic and time consuming. In order to provide an efficient and secure means of assisting non-resident settlement recipients in receiving their structured annuity payments, Evolve Bank & Trust, through its relationship with Integrated Financial Settlements (IFS) has developed the IFS Foreign Wire Program.
Structured annuity payments are processed electronically which reduces the possibility of theft or malfeasance often associated with checks.
Payments are disbursed according to the specific instructions of the settlement recipient and will remain in effect for the duration of the periodic payments or until the settlement recipient notifies Evolve Bank & Trust in writing of any change.
Structured annuity payments are direct deposited to Evolve Bank & Trust by the life insurance company on the scheduled payment date and are wired to the settlement recipient’s bank account within 5 business days of receipt.
Steps In The Process
||Settlement Recipient or Personal Representative should complete the following:
- Exhibit A of the Master Custody Agreement (Include Foreign Identification Number if available)
- ACH Electronic Transfer Form (Direct Deposit) of the respective life insurance company
||Submit the following completed documents to the respective life insurance company:
- ACH Electronic Transfer Form (Direct Deposit)
||Submit the following completed documents to IFS — Attention Gale Murphy
- Original Completed Exhibit A
- Copy of ACH Electronic Transfer Form (Direct Deposit)
- Copy of Settlement Agreement and Release (When available)
- Copy of Structured Annuity Contract (When available)
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