For unrestricted IIM accounts, you can receive your funds by electronic fund transfer or check.
We encourage beneficiaries to take advantage of the available options for electronic fund transfers. Electronic fund transfers are automatic and funds are less likely to be misplaced, stolen, lost, or delayed.
Direct deposit provides automatic, electronic transfers of money directly to a bank account. This service is free. You must have a bank account to use this service.
A debit card allows people without bank accounts to receive automatic, electronic deposits. There is no charge for a debit card. You can use the debit card to withraw cash at banks and in-network ATMs. You can also use the debit card to make purchases anywhere Visa is accepted.
If you don’t choose an electronic fund transfer to receive money, payments will be sent to you in check form through the U.S. Postal Service. This process is much slower than electronic transfers. If a check is returned, your account will be restricted until your address can be verified.
Beneficiaries with an unrestricted account may put their account on “Voluntary Hold.” This means money remains in the account and will continue earning interest under the management of our staff. Interest rates vary but are always higher than what’s offered by regular savings bank accounts. While on voluntary hold, account holders may request a payment at any time. To setup a voluntary hold or request a payment, contact your Fiduciary Trust Officer or the Trust Beneficiary Call Center.
We will primarily be communicating with you through the U.S. Mail, so please keep the mailing address for your Unrestricted or Voluntary Hold (see above) account current. You can update your address any time by contacting your Fiduciary Trust Officer or the Trust Beneficiary Call Center.
Contact us if you have questions about your IIM account. To safeguard your account, we may require additional documentation in order to verify your identity.