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Equitable Life | Money Order Notice

March 14, 2012

RE:   Money Orders

As part of our compliance regime, we periodically review policies and procedures to ensure risk is properly managed.  As it is difficult to determine the source of funds, money orders are a higher risk instrument.  While the Company receives only a few payments by way of money order, we will no longer accept this form of payment.

Effective immediately, Equitable Life of Canada will no longer accept money orders as a form of premium payment for new or inforce policies.  We will continue to accept Bank Drafts.

A money order can be purchased with cash and without providing identification.  A Bank Draft requires an existing Bank – customer relationship.  The money to pay for the Bank Draft is taken from the customer’s bank account.

Any money order received will be returned to the applicant / policy owner directly, with a letter requesting a personal cheque from the applicant’s / policy owner’s bank account, a Bank Draft, or the establishment of pre-authorized payments by using the PAD form enclosed in the letter.  The advisor will be copied with the letter to the applicant, but not with the letter to an existing policy owner.

This notice will be posted to Equinet, and will be included in the e-blast to MGAs and advisors in the last week of March 2012.

You may forward this notice to your MGA client contacts.

Patty Moffett
Individual Compliance Consultant
Equitable Life of Canada

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