3rd Wed of the Month Payment Mistake

[nfl72]

I wrote a larger than normal payment a few months back ie. $175.00. the lady gets her check on the third Wed so that's how I was going to set it up with SNL. The lady was a little skittish and wanted to have it come out on the third Thursday instead as she had a few problems with her credit union.

This month the third Thursday was on the 16th. She didn't get paid until the 23rd. she got hit with $125.oo worth of fees. She got pissed off and wanted to cancel, so I ate the fees to keep the policy active.

Usually it is not a good idea to add a few days cushion on a normal EFT as many of them spend it asap. But I learned the hard way. Never add a day on a specific third of the Wed type payment.

 

[Rearden]

I wrote a larger than normal payment a few months back ie. $175.00. the lady gets her check on the third Wed so that's how I was going to set it up with SNL. The lady was a little skittish and wanted to have it come out on the third Thursday instead as she had a few problems with her credit union.

This month the third Thursday was on the 16th. She didn't get paid until the 23rd. she got hit with $125.oo worth of fees. She got pissed off and wanted to cancel, so I ate the fees to keep the policy active.

Usually it is not a good idea to add a few days cushion on a normal EFT as many of them spend it asap. But I learned the hard way. Never add a day on a specific third of the Wed type payment.

It would do well for newbies to understand that successful final expense selling is all about beating the client to the ATM, and grabbing that cash before they go blow it on beer, smokes, women, grandchildren, their grandchildren's grandchildren, prescriptions, rent, etc..

 

[SPUR CITY]

I wrote a larger than normal payment a few months back ie. $175.00. the lady gets her check on the third Wed so that's how I was going to set it up with SNL. The lady was a little skittish and wanted to have it come out on the third Thursday instead as she had a few problems with her credit union. This month the third Thursday was on the 16th. She didn't get paid until the 23rd. she got hit with $125.oo worth of fees. She got pissed off and wanted to cancel, so I ate the fees to keep the policy active. Usually it is not a good idea to add a few days cushion on a normal EFT as many of them spend it asap. But I learned the hard way. Never add a day on a specific third of the Wed type payment.

When you say you "ate the fees to keep the policy active", what exactly do you mean?

 

[gymguy]

When you say you "ate the fees to keep the policy active", what exactly do you mean?

I think we all know what he means but for his sake, I think he should refrain from adding any further details.

I think rebating restrictions might be applicable here...

 

[senior-advisor-indiana]

When you say you "ate the fees to keep the policy active", what exactly do you mean?

I think he meant fleas...

 

[Jerard]

I think he meant fleas...

Does this have anything to do with that tread about a bear named Dog?

 

[nfl72]

The monthly payment came out too early which messed up some other checks she had written. She had NSF fes of around $90.00. I reimbursed her for those fees because I felt it was my mistake. I don't think that is considered rebating.

 

[PaperHanger]

The Draft was on time, 3rd thursday, since the 1st was on a Thursday this month, the 3rd thrus was 6 days before the 3rd weds...you did what she asked.

Next time thurs is on the 1st will be Sept 2016, advance will be cleared by then ;-)

 

[sirherbie]

Cash under the table . No different than a debit agent making a payment for the customer to avoid a lapse and getting the money back . Bet it happened a ton.

 

[Cyborg7]

175 per month is bigger than normal for you ?


My average for 2015 is $267 per month