As a new agent, Green Dot Bank has become my first enemy

[Austen Harris]

In the past two days I almost signed up two seperate folks into a policy, but couldn't get them signed up due to them banking with Green Dot. Americo, Transamerica, and American Amicable all told me they won't accept it now (although Transamerica did tell me they'll accept it if they agree to a quarterly-annual payment plan).

Anyone else run into people with green dot? I'm less than a month into selling insurance, but this is my first real obstacle of signing people onto a policy. What really am I supposed to do, tell these people to get a real bank account?

 

[marindependent]

What really am I supposed to do, tell these people to get a real bank account?

Apparently Yes.

Or...find an Insurer that works with Green Dot - and voila - you have a niche.

 

[jdeasy]

In the past two days I almost signed up two seperate folks into a policy, but couldn't get them signed up due to them banking with Green Dot. Americo, Transamerica, and American Amicable all told me they won't accept it now (although Transamerica did tell me they'll accept it if they agree to a quarterly-annual payment plan).

Anyone else run into people with green dot? I'm less than a month into selling insurance, but this is my first real obstacle of signing people onto a policy. What really am I supposed to do, tell these people to get a real bank account?

Several companies take Green Dot using the card number. More if you use the routing and account number.

It’s junk business. Might as well write direct monthly bill.

If you’re going to write that junk then put it with a junk company.

Don’t mess up your goto with that crap.

Green Dot is not the problem. The people that use it are the problem.

 

[shonceman]

In the past two days I almost signed up two seperate folks into a policy, but couldn't get them signed up due to them banking with Green Dot. Americo, Transamerica, and American Amicable all told me they won't accept it now (although Transamerica did tell me they'll accept it if they agree to a quarterly-annual payment plan).

Anyone else run into people with green dot? I'm less than a month into selling insurance, but this is my first real obstacle of signing people onto a policy. What really am I supposed to do, tell these people to get a real bank account?

I agree with what @jdeasy said. FE agents, especially newbies, really shouldn’t get bogged down with these type of clients. As an FE producer, you really don’t have time for the level of service they’ll likely need. Better to just refer them to a home service (debit) agent. Folks with Green Dot, Netspend, etc. are usually bad at managing a bank account. They really need an agent that will collect the premium from them every month.

(FWIW, I write both FE and Home Service.)

 

[DonP]

In the past two days I almost signed up two seperate folks into a policy, but couldn't get them signed up due to them banking with Green Dot. Americo, Transamerica, and American Amicable all told me they won't accept it now (although Transamerica did tell me they'll accept it if they agree to a quarterly-annual payment plan).

Anyone else run into people with green dot? I'm less than a month into selling insurance, but this is my first real obstacle of signing people onto a policy. What really am I supposed to do, tell these people to get a real bank account?

If you want any chance of making it in fe stay away from green dot clients, direct monthly . Even though meta bank has account and routing #’s it’s junk business .

 

[Jccwell]

In the past two days I almost signed up two seperate folks into a policy, but couldn't get them signed up due to them banking with Green Dot. Americo, Transamerica, and American Amicable all told me they won't accept it now (although Transamerica did tell me they'll accept it if they agree to a quarterly-annual payment plan).

Anyone else run into people with green dot? I'm less than a month into selling insurance, but this is my first real obstacle of signing people onto a policy. What really am I supposed to do, tell these people to get a real bank account?

Avoid Greendot, Chime (or any fully online bank), Netspend, Cash app (yes, I've had folks try to buy a policy with a Cash app card), etc. They're all junk business.

I suppose you could write those with as-earned companies. But you'll just be writing a chargeback, if you write with a company that advances.

 

[jdeasy]

Avoid Greendot, Chime (or any fully online bank), Netspend, Cash app (yes, I've had folks try to buy a policy with a Cash app card), etc. They're all junk business.

I suppose you could write those with as-earned companies. But you'll just be writing a chargeback, if you write with a company that advances.

I’m as earned with everyone. And I still avoid that business.

 

[noah]

In the past two days I almost signed up two seperate folks into a policy, but couldn't get them signed up due to them banking with Green Dot. Americo, Transamerica, and American Amicable all told me they won't accept it now (although Transamerica did tell me they'll accept it if they agree to a quarterly-annual payment plan).

Anyone else run into people with green dot? I'm less than a month into selling insurance, but this is my first real obstacle of signing people onto a policy. What really am I supposed to do, tell these people to get a real bank account?

Buy more leads deal with people who have regular bank accounts

Buy more leads deal with people who have regular bank accounts

Buy more leads deal with people who have regular bank accounts

 

[WinoBlues]

Set your filters.

Not leads filters, but who you want to target and write. One of my no gos is plastic, including DE. There are exceptions and you can adjust as you grow of course. We have all been new and wanting to write everyone with a pulse. But there is a reason all of these FE guys avoid that business. If, big if, you can keep it on the books for a year they are typically a time suck chasing NSFs. The same people are going to be calling you for a policy loan every six months.

 

[goillini52]

Buy more leads deal with people who have regular bank accounts

Buy more leads deal with people who have regular bank accounts

Buy more leads deal with people who have regular bank accounts

I didn't quite catch that. Could you repeat it please?