Total Control Account® Settlement Option
Customer Agreement
What Is the Total Control Account Settlement
Option (“Account”)?
It is a settlement option at Metropolitan Life Insurance
Company ("MetLife," "we," "us" or "our") which
although not a money market account, credits money
market interest rates on life insurance, annuity, and
matured endowment proceeds, and other amounts
payable to the Account holder ("you," "your," "I" or
"me"). You have total control of the money in your
Account in that you can immediately make
withdrawals of $250 or more up to the full value of
your Account anytime, without penalty or loss of
interest. The principal and interest in your Account
are guaranteed by MetLife. These guarantees are
subject to the financial strength and claims paying
ability of MetLife. The Account is not FDIC insured.
What Rate of Interest Will I Earn?
MetLife will set the interest rate weekly. The rate we
set will equal or exceed at least one of the following
indices: the prior week’s Money Fund Report
Averages™/Government 7-Day Simple Yield (a
leading index of government money market mutual
fund rates), or the “Bank Rate Monitor™” National
Money Market Rate Index (a leading index of rates
paid by 100 large banks and thrifts on money
market accounts).*
Subject to the terms of this Customer Agreement, we
guarantee that the effective annual yield on your
Account will not be less than 0.50%, even if money
market yields fall below that level. Of course, you
always have the right to immediately withdraw your
entire Account balance.
Is Interest Compounded Daily?
Yes, interest is compounded every day of the year. It
is credited to your Account once each month.
How Can I Withdraw Money?
Because the assets backing your Account are not
held at a bank, your Account is a draft account and
not a checking account. However, you can use
these Account drafts that we supply to you (referred
to here as "checks" or "checkbook") just as you
would checks from a checking account at a bank.
You may make withdrawals by written request,
telephone (subject to MetLife’s current procedures),
or by using the checks we supply to you. The checks
are drawn on a bank account made available to you
at a bank chosen by MetLife. Each withdrawal must
be $250 or more. Your use of this Account is subject
to the rules and regulations of the bank where the
checks are drawn. Once you withdraw money from
your Account, you may not put it back.
How Much Does the Account Cost Me?
There is no monthly service or maintenance fee for
your Account, and there is no charge for withdrawals
or for checks. Special services such as stop payment
orders, photocopies of checks or statements, wire
transfers, and dishonored checks are subject to the
current applicable fees of the bank.
The assets backing the Total Control Accounts are
maintained in MetLife's general account and are
subject to MetLife's creditors. MetLife will bear the
positive or negative investment experience of such
assets. Regardless of the investment experience of
such assets, the interest credited to your Account
will never fall below the guaranteed rate stated
previously. Because MetLife bears the investment
risk of the assets backing all Total Control Accounts,
it may receive a profit from these assets.
How Will I Know the Status of My Account?
The letter you received with this Customer
Agreement shows the amount of proceeds initially
placed in your Account (“initial proceeds”), the date
your Account opened and your Account number. We
will also send you statements regularly, showing
your Account balance and activity. Your Account
balance is the initial proceeds plus any other
insurance proceeds added to the Account plus
interest credited, less any withdrawals and less any
fees for special services charged by the bank. It is
important for you to keep records of any withdrawals
you make or any bank fees you incur so you know
what your Account balance is at all times. This will
help you reconcile your statement.
What Happens if My Account Balance Falls Below
$2,500?
If your Account balance falls below $2,500, we may
close your Account by sending you a check for the
Account balance.
What Happens if My Account Balance Falls Below
$250?
If your Account balance falls below $250, we will
close your Account by sending you a check for the
Account balance. If the Account balance is less than
$1.00, a check will not be issued unless requested.
Will I Receive My Canceled Checks With My Account
Statement?
No, your canceled checks are held by the bank. If
you need to examine a particular check you may
request a copy of it. There will not be a fee for the
first check copy in each calendar year. Additional
requests may incur a fee.
* " MFR TM/Government 7-Day Simple Yield" is a trademark of iMoneynet, Inc., Westborough, MA 01581. The "Bank Rate Monitor" is a trademark of Bankrate, Inc.,
North Palm Beach, Fl, 33408. If either index becomes discontinued, is changed substantially or unavailable to us, we will select a suitable standard to replace it.
JY8272.SCRE (06/10)
What if I Write a Check for More Than My
Account Balance?
If your check is in excess of your Account
balance at the time the bank receives your
check, the bank will return your check marked
“insufficient funds” and charge your Account the
applicable fee for the dishonored check.
Is My Account Protected From Claims of
Creditors?
To the extent permitted by applicable state and
federal law, insurance or annuity proceeds held
in your Account are not subject to the claims of
your and/or the decedent’s creditors.
Can My Account Be Assigned or Be Used as
Collateral?
No, you may not assign or transfer your Account
to another person or entity, nor may it be used
as collateral.
What if Something Happens to Me?
Subject to state law, in the event of your death,
and upon receipt of proof and proper written
claim, your Account balance will be transferred
to the beneficiary or beneficiaries of your
Account.
Your beneficiary designation must be in writing
and recorded with us at our Utica, New York
office or any other office we specify, prior to
your death. If we have not recorded a
beneficiary or no beneficiary is alive at your
death, payment will be made to your estate.
Executors, personal representatives,
guardians and minors generally may not
designate a beneficiary.
What is My Legal Relationship with MetLife?
Your Account relationship with MetLife is that of
debtor and creditor. This Customer Agreement
and the Account Relationship do not create a
fiduciary, quasi-fiduciary, or special relationship
between us.
Jeffrey A. Welikson
Senior Vice President and Secretary
Supplemental Agreement Form TCA/MIGRP (12-02)
Metropolitan Life Insurance Company
New York, NY 10010
Can I Add Funds to the Account?
Only insurance proceeds and other funds
payable under MetLife policies, contracts, or
settlement options may be added to the
Account. For your convenience, MetLife may
make other services and products available to
you for monies that may not be added to this
Account.
What Other Options Are Available From
MetLife for My Proceeds?
You may move all or a portion (subject to
applicable minimums) of your Account balance
into the Guaranteed Interest Certificate
Option, if available, or into any other
settlement option for which you then qualify.
Other available settlement options are described
in the booklet accompanying this Customer
Agreement.
When Can MetLife Change the Terms of This
Agreement?
MetLife guarantees that, except as may be
required by law, the terms and conditions of this
Customer Agreement will not change for at least
six months from the date your Account was
established. After six months, MetLife may
change the terms of this Agreement by, for
example, deleting features such as the use of a
standard to set interest rates, or by imposing
fees. If we decide to make changes we will notify
you, at your last address as it appears on your
Account records, at least 15 days before the
changes are to become effective.
Is This My Entire Agreement?
Yes. Changes to this Customer Agreement may
be made only in writing, signed by an authorized
officer of MetLife. No provision can be waived or
changed by any other employee, representative,
or agent of MetLife. The rules and regulations
concerning the use of the Account, however, are
subject to change by the bank at any time upon
10 days written notice.
C. Robert Henrikson
Chairman, President and Chief Executive Officer
JY8273.SCR (06/10)