Tag Archives: SLOA

Another SLOA – Standard Letter of Authorization Reminder, No Action Needed

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

Management firm.

jkfinancialinc

street-cents

SLOA – Standing Letter of Authorization Mailing Heads Up Reminder (Clients)

New regulations now mandate a letter be sent to us all reminding us that we have SLOA’s or Standing Letters of Authorizations on File!

The SLOA –writing-1149962__480

On Friday March 15th, 2019 reminder letters were mailed to us all for any standing instructions for linked accounts – Almost all of us have a linked account from our Investment to a checking, savings, working cash account of some type. So expect a letter stating such!

Due to new regulations – for all of our collective safety, this letter is now mandated as a reminder that we have these linked accounts.

Also, partially due to new regulations, if we have a linked account that is not used for two consecutive years — just like frequent flyer miles, they will go away!!

Have a Great “Ready for SLOA Letter” Day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
jkfinancialinc
street-cents

Corrected 1099 Update … Tax Forms Help … SLOA Notice (Clients) — An Ark Friday

Uncle SamWhile only in the first inning of tax season, it is here … and we are moving right along. As such, much of our commentary to the finish line will be tax related as we like to keep you up to date on all things tax savings and anything else related.

Corrected 1099 Update

The first round of Corrected 1099’s has occurred and we have reached out to those affected. Generally the “first is the worst” and rarely do we get a greater number of corrected’s in the rounds to come.

Given our light load of Corrected’s so far, if you really need to file, we will give you a soft Green light to file but would rather you wait until the second is complete — a notification we will give as soon as it occurs !

Hold if you can, but if you cannot, go forth!

Tax Forms Help

Be sure to reach out to us for any forms we are in contact with. We generally have SUPER FAST access and quick turn-around on needed statements.  If our tax professional is in need … we will get it fast so as not to be the holdup.

If you are not sure on what forms you are supposed to have, lost a form, or just do not have the time get them together … reach out – we have you covered, and can send a complete bundle to you! Do not hesitate to ask, that is what we are here for.

If you need us to email someone the information, just send us the request as we do not let go of your coveted information without directives!

Oh .. and of course all of your tax forms are currently in your Own Personal Vault too…

SLOA Notice – Standing Letter of Authority

Recently a notice has been mailed out for all of our collective protection. This notification tells us of any linking of accounts or standing letters to deposit or withdraw funds from an account such as a checking or other related money account.

This is strictly a protective measure and is a notification only. No action is needed. Again for our collective safety.

Noah’s Ark

Entering President’s Day Weekend we were approaching drought territory. Not anymore …. Now we are gathering two of everything … kidding. But is has been raining A LOT.

Enjoy your weekend ! It will be raining here!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.
www.jkfinancialinc.com
www.street-cents.com