Advances On Debit Cards?

[theinsuranceman]

Just curious, who besides Sr Life advances on debit cards? Sr Life starts this Oct. 15 and I'm glad. So many of our prospects don't write checks anymore, nor have a checkbook lying around in a drawer, and use their bank's debit card for pretty much everything. And sometimes it's difficult getting the savings account info if that's the only bank account they have. Oct. 15 should make things easier.

Anyone have any experiences with using debit cards like this?

 

[suranceman]

Dude this is hilarious.

Are you new to the FE business?

I know you're not...

Debit cards are like direct bill. A chargeback that will happen 80% of the time.

Senior Life will regret this and will 100% reverse this decision sometime in 2022.

 

[theinsuranceman]

Dude this is hilarious.

Are you new to the FE business?

I know you're not...

Debit cards are like direct bill. A chargeback that will happen 80% of the time.

Senior Life will regret this and will 100% reverse this decision sometime in 2022.

These are regular normal bank debit cards, not Meta Bank, DE, etc. if I'm interpreting everything correctly. Debit cards tied to a legitimate banking account should have the same persistency as using the bank account # itself I would think.

This new feature should make it easier to set a new sale up on bank draft in those cases where the new client doesn't have a check book handy, or have their routing # and account # of their checking or savings account handy, but do have their bank's debit card in their wallet or pocket book.

This seems to be a great idea as fewer and fewer of our prospects write checks anymore. Probably in 5 years writing checks will be obsolete and then all carriers will be doing this?

And of course, no one wants to be advanced on Meta Bank, DE, or the like. Did you really believe I didn't know that...lol?

Now let me ask you the same question: are you new to the FE business? I know you're not...lol.

 

[DonP]

These are regular normal bank debit cards, not Meta Bank, DE, etc. if I'm interpreting everything correctly. Debit cards tied to a legitimate banking account should have the same persistency as using the bank account # itself I would think.

This new feature should make it easier to set a new sale up on bank draft in those cases where the new client doesn't have a check book handy, or have their routing # and account # of their checking or savings account handy, but do have their bank's debit card in their wallet or pocket book.

This seems to be a great idea as fewer and fewer of our prospects write checks anymore. Probably in 5 years writing checks will be obsolete and then all carriers will be doing this?

And of course, no one wants to be advanced on Meta Bank, DE, or the like. Did you really believe I didn't know that...lol?

Now let me ask you the same question: are you new to the FE business? I know you're not...lol.

As I said Greg in the business 20 yrs knows less than guys in the business 1 yr . It’s embarrassing. I’ve written at least 250 de cases . The clients have de because they bounced 1000 checks and the bank closed them down . Forget social security billing .Only 1 company period does De social security billing correct and lethal . Transamerica. They get the money by 1 am . Prosperity takes direct express and doesn’t take the money till that night . 80% of the time de clients money gone by night . Just had a prosperity client call me this past Friday at 2 pm and the money wasn’t taken yet . The card bounced . Also it will be a disaster for Tele sales agents as people lose there cards and won’t answer the phone . I assure you your only chance of good de persistency is face to face and Transamerica.

 

[theinsuranceman]

As I said Greg in the business 20 yrs knows less than guys in the business 1 yr . It’s embarrassing. I’ve written at least 250 de cases . The clients have de because they bounced 1000 checks and the bank closed them down . Forget social security billing .Only 1 company period does De social security billing correct and lethal . Transamerica. They get the money by 1 am . Prosperity takes direct express and doesn’t take the money till that night . 80% of the time de clients money gone by night . Just had a prosperity client call me this past Friday at 2 pm and the money wasn’t taken yet . The card bounced . Also it will be a disaster for Tele sales agents as people lose there cards and won’t answer the phone . I assure you your only chance of good de persistency is face to face and Transamerica.

Hey Don, you didn't read my post accurately. This is NOT DE (direct express) cards I'm talking about. Everyone knows that DE business has horrible persistency and should never be advanced.

I'm talking about bank debit cards that are tied to either a checking or savings account with a normal bank (Bank of America for ex.) You probably have one yourself. If you read my post I clearly specified this is NOT direct express.

I think you are saying this because you always try to start an argument or perhaps show me up...lol. Good luck with that...lol.

UPDATE: Someone just texted me that maybe you said that nonsense because, as was pointed out yesterday in another thread titled "the best final expense carrier", you just don't have a good command of the English language. After a few seconds of reflection I thought to myself by golly that's right, here's another perfect example showing that.

 

[DonP]

Greg maybe so but people lose their debit cards all the time . Hell I lose mine a few times a yr . Whey do you think few CO’s accept debit cards ?

 

[tikibarrister]

I would guess people’s debit cards are replaced with a number change (lost, hacked, etc) more often than bank account numbers change.

 

[theinsuranceman]

Greg maybe so but people lose their debit cards all the time . Hell I lose mine a few times a yr . Whey do you think few CO’s accept debit cards ?

Don, not only is your command of the English language weak, but so is your spelling...lol. See the bold letters above. Is English your 2nd language? Just funning with you.

If someone loses the bank debit card and gets a new card with a different account #, then their next draft won't clear. In that case SL sends us an email the very next day about the draft not clearing, just like they do with checking and savings drafts.

Then I call Ms. Jones, explain the draft didn't clear and is everything alright? Ms. Jones explains that she lost her bank debit card and had to get a new one. No problem. We do a 3 way call with the home office and they update her banking info in less than 3 min. I then use this "extra touch" to chit chat with Ms. Jones afterwards for referrals, spend 5 min reviewing Legacy, and salting that business down even more so it stays on the books better.

I also say "Ms. Betty did you see how fast and easily we handled everything for you? She says "yes". And then I say "we're going to be that fast and easy for your family down the road when that time comes". Here, let me give you my cell # again. Make sure to share this # with your family.

 

[theinsuranceman]

Greg maybe so but people lose their debit cards all the time . Hell I lose mine a few times a yr . Whey do you think few CO’s accept debit cards ?

Who cares? That's like saying "why put the customer on bank draft, their draft may not clear...or they may close their bank account? LOL. Simple logic. This is just another step that Sr Life is doing to help their agents out.

So, what are other carriers doing to help their agents out?

By golly I've said it once and I'll say it again: If any agents would like to call me and have a confidential conversation so you can compare the pros and cons of your carrier(s) and upline with the pros and cons of Sr Life and me as your upline please feel free to pick up the phone and call me anytime between 9am est to 7pm est Mon thru Sat and Sunday afternoons are fine too. These times I've just listed shows you I'm pretty easy to reach....which is sometimes important for agents.....especially new ones. 252-292-3350

 

[DonP]

Who cares? That's like saying "why put the customer on bank draft, their draft make not clear? LOL. This is just another step that Sr Life is doing to help their agents out.

So, what are other carriers doing to help their agents out?[/QUOTE


83 final expense carriers are all wrong for not taking debit cards and Senior Life is right . You’ll find out why co’s don’t take plastic soon enough .