Welcome_to_the_Iron_Curtain-As a result of federal government direction, there have been changes to the national payment system regarding the electronic transfer of funds which go through the U.S. Automated Clearing House (ACH) network.
Hi Steve, I have listened to you for years and have always respected the
information you so diligently try to impart to those who 'have ears to
I just wanted to let you know that the noose around our necks is beginning
to tighten further.
A co-worker, recently retired, who has moved abroad and about to begin
collecting on his pension has received a note from Fidelity our
401k/pension plan administrators.
It reads as follows:
"As a result of federal government direction, there have been changes to
the national payment system regarding the electronic transfer of funds
which go through the U.S. Automated Clearing House (ACH) network. These
rules impact how Fidelity handles pension payments and 401(K) distributions
when using direct deposit programs such as Electronic Funds Transfer
Specifically, when an employee receives a payment from Fidelity through EFT
to a U.S. bank, and then transfers either a fixed (i.e.$100) or a
determinate (i.e.10%) amount of that payment to a bank located outside of
the United States, this constitutes an International ACH Transaction (IAT).
The rules require that IAT activity be identified and subjected to a high
level of scrutiny. There are specific disclosures requiring the collection
of additional personal information from you which neither your plan's
sponsor nor Fidelity are able to support. As a result, benefit recipients
who are identified as conducting IATs may not continue to receive payments
So basically, he won't be able to receive EFT payments where he is living
and a check drawn on a US bank will have to be mailed to him every month.
Can you imagine the problems this is going to cause and the fees associated
The original posting is located on our union site located here:
http://www.endicottalliance.org/ibmretireeissues.php The entry is dated
4/30/2014 and it is signed by the poster: -Welcome_to_the_Iron_Curtain-
I am signing my name anonymous. Please use this information any way you
deem appropriate. Thank you for all you do.
Apr 30, 2014