Online money transfer enhancements

To serve you even better on the road ahead, we’re continually enhancing our technology to provide innovative online services. That’s why we’re excited to let you know about the changes we made to online money transfer capabilities in the secure site on ameriprise.com.

You can now:

  • Use the same external bank account with multiple Ameriprise Financial® accounts you own and/or manage
  • Set options for state tax withholding on distributions from your Ameriprise® brokerage accounts

As a result of these enhancements, you’ll need to verify or "reauthorize" your existing bank instructions. After Sept. 29, 2017 instructions that have not been reauthorized will begin to be removed and scheduled transfers may be interrupted.

We simplified how external bank instructions are set up and used on your accounts. You’re now able to:

  • Set up an external bank instruction once, and apply it to all of the accounts you own/manage
  • Create a new external bank instruction, give it a nickname and remove old instructions you no longer use

In addition, you can now transfer money between your Ameriprise brokerage accounts.

Important: If you already have instructions for an external bank set up on your account, you'll initially be asked to "reauthorize" them and then "renew" them after 13 months if they are not used. These are important steps to ensure that any recurring payments you have will continue without interruption, and you can take advantage of the new features. For step-by-step instructions, please see the Take Action: Reauthorize and Renew Your Banks tab on this page.

Reauthorize 

To help enhance the security of your bank information and reduce the risk of fraud, you’ll need to verify or "reauthorize" your existing bank instructions – and in some cases, submit new paperwork - before making online money transfers through the secure site.

Follow these steps to reauthorize your external bank instructions:

  1. Log in to the secure site on ameriprise.com.
  2. Go to the Transfers & Bill Pay tab, then click on Transfer Money.
  3. Click on either Manage External Accounts or Make a Transfer.
  4. Red exclamation points indicate accounts you need to reauthorize, as shown in the screenshots below.

     

     

  5. Click on the Reauthorize button to the right of the bank name.
  6. Review your bank information for accuracy and remove any bank you no longer use or if the information is inaccurate
  7. If everything is accurate, click the Reauthorize button at the bottom of the form.

Note: If you don't reauthorize your bank instructions, they'll be closed and systematic arrangements will be discontinued.

Renew 

To ensure your bank information remains current, we will temporarily suspend bank instructions after 13 months of inactivity. If that happens, you'll see a "Renew" button alongside your bank account on the secure site's Transfer Money page. In just two clicks you can renew your bank information and continue to use it without interruption.

If you have multiple instructions on file, it's possible for you to have one account in "reauthorize" status and another in "renew" status. 

 

You now have the ability to:

  • Withhold state taxes on distributions from tax-qualified brokerage accounts (if you reside in a state where state tax withholding is available or required)
  • Designate dividends, income, or capital gains as a part of your distributions

How to withhold state taxes:

State tax withholding is available on distributions from tax-qualified brokerage accounts according to the state specific rules and will display below Federal Tax Withholding, when applicable.

 

Visit ameriprise.com/statetax for more details about the rules for the state where you reside.

Who can I contact if I have additional questions about taking distributions from my tax-qualified accounts?

Your Ameriprise financial advisor can help if you’ve got questions about taking distributions from your accounts. If you don’t have an Ameriprise advisor, call an Ameriprise customer service representative at 800.862.7919.

Questions? We’re here to help.

If you have questions about your online money transfer experience, please contact your Ameriprise financial advisor or an Ameriprise customer service representative at 800.862.7919.

Thank you for helping us reauthorize your existing bank instructions. We value your business and look forward to serving you.