I am in USA and have Brokerage account with Bank. When I opened account, I said who it should Transfer On Death (TOD).
When I get monthly statement, it said "TOD ", but it does not print name of TOD beneficiary.
When I asked the Brokerage, the person said they used to print name of TOD beneficiary, but now they don't because it is a security issue.
Then I asked how will my Beneficiary claim what is rightfully hers in the event something happens to me. The Brokerage person said they will mail out a letter stating the full name and details of my TOD Beneficiary. I hope this is true.
But my question is, why not print TOD beneficiary on the monthly statement and make it easier for the customer. Their reason for "Security" seems bogus.