You Don't Get an Annual Statement and Here's Why
Most of us are used to getting a monthly bank statement or bill, or a monthly or quarterly statement of investment performance from about our IRA or 401K. So when you don’t get anything like that from a structured settlement annuity issuer, it can seem a little weird. Well maybe not as weird as a happy herd of elephants marauding airborne over monuments in Arizona.
But I Get a Statement From a Bank
Most banks or credit unions will send a statement every month. However, banks and credit unions only have to send a monthly statement if you made at least one electronic fund transfer that month.
Electronic fund transfers include ATM transactions, transactions using your debit card, and payments you make through online bill payment. It also includes direct deposits and any recurring payments automatically deducted from your account.
If you have made no electronic fund transfers, some banks or credit unions may send you a quarterly statement instead of a monthly statement. Many banks and credit unions also offer the option to sign up for electronic statements. Source: Consumer Finance Protection Bureau
Why Do You Get a Statement from a Brokerage or Financial Advisory Account?
Under FINRA Rule 2231(a), except as otherwise provided by paragraph (b), each general securities member shall, with a frequency of not less than once every calendar quarter, send a statement of account (“account statement”) containing a description of any securities positions, money balances, or account activity to each customer whose account had a security position, money balance, or account activity during the period since the last such statement was sent to the customer. the Uniform Securities Act, the an adviser must send clients quarterly, itemized statements listing the funds and securities in the adviser’s custody at the end of the period and all transactions during the period.
What About Structured Settlement Account Statements?
When a structured settlement is established, the future payment obligation is set forth as part of the Settlement Agreement and Release and the qualified assignment agreement. The structured settlement is funded with a one-time payment by the Defendant, or Defendant’s insurer. There are no additional deposits or withdrawals. The future payments are fixed and include interest. The Payee receives a copy of the annuity contract and is paid the amount set forth in the contract when the payments are due.
If You Have a Structured Settlement (and Don't Need Cash Now) Stay in Touch with the Annuty Issuer
4structures.com has a really useful webpage that contains the names and phone numbers of current and former structured settlement annuty issuers. The annuity issuer that issued the annuity that funds your structured settlement, may have changed names and/or been sold to another company.
Last updated March 22, 2025
