Program Terms and Conditions

Ownership Rights

The owner of this account is the payee of the insurance proceeds under a contract issued by the insurance company and is listed on your Account Confirmation and draftbook. The owner may write drafts against the account, transfer funds and exercise all rights provided by this program or
allowed by Voya Financial. The owner may not be changed.

Effective Date

The Personal Transition Account is effective from the day it is established.

Additional Deposits

Deposits to this account are not permitted. The account is funded solely from the proceeds of the Voya Financial insurance policy or contract.

Beneficiary Designation

We understand it's important for you to be able to change the disposition of your account.

  • Naming a Beneficiary - To name a beneficiary or beneficiaries, complete the Beneficiary Designation Form (PDF)
  • Changing a Beneficiary - You may change your beneficiary designation at any time by notifying us in writing.

Death of Owner

Upon notification of your death, the balance of the account will be paid to your named beneficiary or to your estate and the account will be closed. You may name a beneficiary of the account by completing the Beneficiary Designation Form (PDF). If you do not name a beneficiary upon your death, the
balance of the account will be paid to your estate and the account will be closed.

Address and Phone Number Change

We understand it's important for you to be able to change the disposition of your account. To update your address and/or phone number, please contact Customer Service at 800-625-7440.

Accessing Funds

To access funds from your account, simply use the draftbook sent to you when the account is established. You may pay bills by writing a draft or you may withdraw cash by writing a draft payable to yourself. Please remember, there is a $250 minimum for each draft written. A personalized reorder form is included in case you need to reorder drafts.

Minimum Balance Requirements

If at any time after the account is established, the available balance falls below $1,500, the account will be closed and a check for the account balance and accrued interest will be sent to you.

Restrictions

  • Voya Financial does not allow this account to be used to pay bills over the phone or make wire transfers to other accounts or vendors.
  • Voya Financial does not issue cashier checks.

Fees

Although there are no fees directly associated with maintaining your ING Personal Transition Account, the processing bank will charge the following fees when additional services are requested:

  • $15 for each stop payment
  • $5 per copy of draft
  • $10 for drafts returned for insufficient funds
  • $10 per copy of statement

Research costs are applied on an hourly basis. Fees are subject to change.

The processing bank will return drafts for the following reasons:

  • Insufficient funds, altered checks, missing payee information, signatures that do not match the accountholder's signature on file.

Account Statement

You will receive statements showing your account's activities, including withdrawals and interest credited. Cancelled drafts are kept on file. In the event you need a cancelled draft, Voya Financial should be contacted and a copy of the actual draft will be forwarded at the fee previously disclosed.

Maintaining Your Account

We will maintain your account and periodically request that you confirm your intent to continue your account. If you do not affirmatively confirm your intent to keep your account active and if there is no financial activity with your account (excluding credited interest) or other customer-initiated activity for a period of 18 months, we will close your account.  In this event, if we are unable to locate you, we are required by law to pay any remaining funds over to the state government in which your account was established.

Closing the Account

You may close your account at any time by writing a draft for the full account balance. Please consider all of your options before doing so. Legal regulations prohibit the reopening of any closed account.

Assignability

Assignment of your Personal Transition Account is not permitted.

Change in Terms and Conditions

Voya Financial reserves the right to terminate this program, or make changes to its terms and conditions (other than to the minimum interest rate guarantee).

Voya Financial will notify you of any changes.