Monday, October 26, 2015

Important Notice : Folio has changed their Bank Link Policy.

Stephen L Gerritz, CFP

Folio has changed their Bank Link Policy. Folio posted the following recently:

"New Bank Link Verification Policies Take Effect October 24, 2015.  The security of our customer accounts is very important. To help safeguard accounts, we are making changes, effective Saturday, October 24, 2015.

All bank links now require owner approval.  Existing bank links without a scheduled transfer will be deactivated until owner approval is received. To provide owner approval, you may submit an EFT Authorization Form signed by your client, or your client can log into and authorize the bank link. 

All new bank links must be approved by account owners before they can be used for money transfers.

In addition, new EFT bank links will now require micro-deposit validation, in which two small test deposits will be made to the linked bank account, and then withdrawn. Either you or your client must then enter those amounts on the Folio site before you will be able to use the bank link to transfer money.

Note: Existing bank links with scheduled withdrawals will remain active but must be authorized by the client as soon as possible."

We must comply with this notice before we request 2015 RMDs. 
You can log into and authorize the bank link on the Folio site. This is the easiest way to handle this.

If you prefer, I will email forms that will require signatures of those listed on your bank checking account. When you receive the forms please print them out and sign them. You will also have to attach a voided check from your bank.

If you have that ability to scan the signed forms and voided check go ahead and email them to me. My email address is If not, you will have to regular mail them to me at 2401 Meadow Creek Drive  Medford, OR 97504.


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