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Thus, an MT103 instruction is sent directly from the originator's bank to the beneficiary's bank instructing an account credit. The MT202 COV instruction then works across the correspondent banking network, instructing funds to move across intermediate banks. The MT202 is the original standard message format.
A beneficiary is a person or entity you designate to receive the benefits of a particular account or policy after your death. Designating, reviewing and updating beneficiaries are basic tasks of ...
A transfer-on-death account is an arrangement that allows the assets held within a brokerage account or bank account to pass directly to a named beneficiary upon the account holder’s death, thus ...
A confirming bank is a bank other than the issuing bank that adds its confirmation to credit upon the issuing bank's authorization or request thus providing more security to the beneficiary. A complying presentation is a set of documents that meet with the requirements of the letter of credit and all of the rules relating to letters of credit.
Transfer-on-death and direct beneficiary designations typically move fastest, while inheritances through wills must usually go through probate first. Confirm your beneficiary status.
A Totten trust (also referred to as a "Payable on Death" account) is a form of trust in the United States in which one party (the settlor or "grantor" of the trust) places money in a bank account or security with instructions that upon the settlor's death, whatever is in that account will pass to a named beneficiary. For example, a Totten trust ...
A contingent beneficiary receives a benefit if one or more of the primary beneficiaries is unable to collect (perhaps because of death). In the event that a primary beneficiary is unable to ...
A custodial account is a financial account (such as a bank account, a trust fund or a brokerage account) set up for the benefit of a beneficiary, and administered by a responsible person, known as a legal guardian or custodian, who has a fiduciary obligation to the beneficiary. [1]