Due to new rules which came out several years ago an annual notification is mandated by our transaction Vendor. This notification is dubbed SLOA reminder!
The More Than Annual SLOA Reminder
Sharp eyed folks with a good memory who maybe poured over our Q 1 2021 Newsletter will recall we reminded of the annual SLOA – Standard Letter of Instructions both here at Street-Cents and in paper form in the Newsletter….
Here is what it looks like, and the reason we are repeating our selves as several showed up in our personal mailbox at the start of the week…. much to our repeat confusion!
Pretty vanilla, and only shows accounts connected that we can move money to and from for you!
Hmmmmm…. but why the duplicate?
At the bottom of our paper copy, we noticed the Schwab copyright…. a new addition to the letter.
Bet the merger created a duplicate need for SLOA letters…
Take a look and see if any old or unused accounts remain, let us know if they do and we will disconnect!
Oh… and if a bank has changed names (bought out or sold) but has the same bank account number, there is likely no need for an update…
Have a Great “Why the Duplicate SLOA Letter” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth