Change in Handling of Third-Party Checks
Due to the increased risk of fraud in the financial industry, OneAmerica Financial will no longer accept third-party checks as payment for premiums. All checks must be made payable to one of the companies of OneAmerica Financial.
This means that if a client has received a check for funds from another carrier, they will no longer be able to sign it over to OneAmerica Financial. The client will need to deposit the check into their own banking account and send the funds accordingly. This presents a challenge for indirect rollovers, especially if clients are attempting to use the 60-day rollover rule. Besides the time that it takes to receive funds from the other carrier, there could be bank holds that cause a delay in the availability of funds. It is suggested that clients avoid indirect rollovers if possible. They will need to act with urgency because the tax implications on a delayed 60 day rollover are not reversable.