IMPORTANT DISCLOSURE INFORMATION
The following presentation by New England Capital Financial Advisors, LLC (“NECFA”) is intended for general information purposes only. No portion of the presentation serves as the receipt of, or as a substitute for, personalized investment advice from NECFA or any other investment professional of your choosing. Please see additional important disclosure at the end of this penetration. A copy of NECFA’s current written disclosure Brochure discussing our advisory services and fees is available upon request or at www.newenglandcapital.com.
Adding Banking Instructions To Your Accounts
Today I want to address a popular question from our clients when it comes to money movement. When clients call for money needs, they often ask “Can you send my money directly to my bank account?”
The quick answer is Yes! The detailed answer involves some steps required to make this happen.
Step One – Linking your bank account for Electronic Funds Transfer
- You may choose to link 1 bank or multiple bank accounts to your investment accounts.
- Each custodian requires their own paperwork to do this. You may choose to sign with a wet signature or an electronic signature.
- Information we need to complete the paperwork – Name of your bank, Names on the Bank Account, the type of bank account, the Routing Number & Account Number.
- They require supporting documents – In addition to the signed paperwork, the custodians require one of the following: VOID Check, Bank Statement showing your name and account number or a Bank Letter showing your name, the routing number and the account number as well as the account type.
Step Two – The Waiting Period - Once Paperwork is signed and submitted
- It typically takes 5 business days - depending on the bank for it to go live on your investment account. It’s important to know the bank is not linked instantly.
Step Three – The Bank Account goes Live
- If you call and want money sent to your bank account, this process can take anywhere from the same day to 3 business days depending on a couple different factors like – Is there enough cash available to be sent or will we need to do some trading? Did you request the money early enough in the day or is it past the cut off for same day? The receiving bank matters as well, sometimes smaller banks take a little longer to receive the funds.
Step Four – Maintenance of your bank account
- Your bank will stay live on your investment account indefinitely
- The only time a bank account will disconnect from the custodian is if
- A: You have not used your bank with your investment account in 3 consecutive years
- B: You have changed bank accounts, and that account no longer exists.
- It is extremely important to let our Client Service Team know if you have any bank account changes so we can keep your records up to date.
You will have the option to set up your bank account yourself if you log onto the custodian’s website, but please be aware if you do this, we will not have the access to send your money or pull money in. We need you to sign specific paperwork granting our firm access.
If you are interested in linking your bank account to your investment accounts with us, please give our office a call and speak to anyone on the Client Service Team. We will be more than happy to walk through the process and review paperwork with you.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by New England Capital Financial Advisors, LLC [“NECFA”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from NECFA. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. NECFA is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the NECFA’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.newenglandcapital.com. Please Note: NECFA does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to NECFA’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a NECFA client, please contact NECFA, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.