Verifying IAP Accounts
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Verifying IAP Accounts General Information to Remember: “IAP Bene Acct” If the beneficiary has his or her own account due to being an established member, themselves, mark this field Yes. If not, mark this field No. Watch for the “Beneficiary Sequence.” This field should be marked “X of X:” Example: If there are multiple beneficiaries, this field could read 1 of 2, 1 of 3, 1 of 4, etc. If there are multiple beneficiaries, and the forms come in at the same time, divide the %-age based on the number beneficiaries. Example: 3 total beneficiaries, forms in at relatively the same time (approximately within the same week). Account balance is $12, 000, to be split 3 equal ways. Divide 100 by 3 (100% of the account balance divided among 3 beneficiaries). This field should read 33%. ING will then pay each of the 3 beneficiaries their equal share. If there are multiple beneficiaries, and the forms do not come in at the same time, use 100% in this field, for the first beneficiary to be paid only. Do this because ING will interpret 100% of the account’s balance to be paid to the beneficiary listed. Example: 3 total beneficiaries, forms not in at the same time. Account balance is $12, 000, to be split 3 equal ways. For the first beneficiary to be paid, mark this field 33% and mark 1 of 3 beneficiaries. ING will then divide the account balance, $12,000.00, by 3 ($4,000 is the share for each beneficiary) and will then pay this first beneficiary 100% of their equal share. The second beneficiary to turn in their forms and elect to
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Transcript of Verifying IAP Accounts
Verifying IAP Accounts
General Information to Remember:
“IAP Bene Acct”If the beneficiary has his or her own account due to being an established member, themselves, mark this field Yes. If not, mark this field No.
Watch for the “Beneficiary Sequence.” This field should be marked “X of X:”Example: If there are multiple beneficiaries, this field could read 1 of 2, 1 of 3, 1 of 4, etc.
If there are multiple beneficiaries, and the forms come in at the same time, divide the %-age based on the number beneficiaries.
Example: 3 total beneficiaries, forms in at relatively the same time (approximately within the same week). Account balance is $12,
000, to be split 3 equal ways. Divide 100 by 3 (100% of the account balance divided among 3 beneficiaries). This field should read 33%. ING will then pay each of the 3 beneficiaries their equal share.
If there are multiple beneficiaries, and the forms do not come in at the same time, use 100% in this field, for the first beneficiary to be paid only. Do this because ING will interpret 100% of the account’s balance to be paid to the beneficiary listed.
Example: 3 total beneficiaries, forms not in at the same time. Account balance is $12, 000, to be split 3 equal ways. For the first beneficiary to be paid, mark this field 33% and mark 1 of 3 beneficiaries. ING will then divide the account balance, $12,000.00, by 3 ($4,000 is the share for each beneficiary) and will then pay this first beneficiary 100% of their equal share. The second beneficiary to turn in their forms and elect to withdraw their share of the account would result in marking this field 50% (as there are 2 beneficiaries left to pay and so the account balance remaining is to be divided into two equal shares). The third beneficiary to turn in their forms and withdraw their share of the account would result in marking this field 100% (as they will be entitled to receive the full remaining balance because 2 shares have been paid out).
The number of fee reversals must always be set at 0.
DeadlinesVerified IAP accounts must be uploaded to RSS by Wednesday.RSS will send uploaded IAP accounts to ING every Monday.
