Ive noticed that if they (transamerica)are unable to draft, they let the agent know on or about the 20th of the month if there was a draft date of the 3rd. That's late in my opinion. I'm generally okay with Transamerica. They are definitely amendment happy and have a long application but the 'hood LOVES the CGR and accidental riders. I will be hunting the woods in a month or so and RNA will probably be more popular.
Monumental
- Thread starter papa
- Start date
Ive noticed that if they (transamerica)are unable to draft, they let the agent know on or about the 20th of the month if there was a draft date of the 3rd. That's late in my opinion. I'm generally okay with Transamerica. They are definitely amendment happy and have a long application but the 'hood LOVES the CGR and accidental riders. I will be hunting the woods in a month or so and RNA will probably be more popular.
- 1,764
Well,the other day,tuesday,I visited a client issued a couple of weeks ago so he could buy another policy for his daughter not knowing he was nsf on the 7th. I just found out today,the 24th. I needed to be talking to HIM about his nsf,not another policy for his daughter.
- 15,041
Right... and paying you on issue or draft wouldn't change a thing. As you saw, it can take 2 weeks to find out if the payment will clear. So you'd have to wait 2 weeks from draft to get paid if you wanted to avoid any chargebacks for NSF
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I need JD's opinion on this one. I want to see what he says.
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- 15,041
Apparently not. Every time I've had an NSF, it was a reversal. They credited the premium and commission, and then take it back two weeks later.
I use to think like Noah, I'll just wait for the draft to get paid. But in reality, you don't know until two weeks later if it cleared. And you really don't know for two years if it won't be successfully contested.
To take it to its logical conclusion, we really should wait until the two year mark and then get paid.
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UHL,many other carriers will not pay until the policy drafts/issues. According to my IMO,that's the right way to do it. Setting up the draft 3 weeks from the time you take the app is like letting someone write you a post dated check.
Tell me somewhere you can buy merchandise with a post dated check ?
Monumental is making you a loan,advance on a post dated check.
That would be ok if Donald Trump or Warren Buffett was writing a post dated check but this is FE. Lol !
Tell me somewhere you can buy merchandise with a post dated check ?
Monumental is making you a loan,advance on a post dated check.
That would be ok if Donald Trump or Warren Buffett was writing a post dated check but this is FE. Lol !
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And when it NSFs two weeks later, UHL will be looking for the money from you.
And if you think someone is going to NSF, UHL is the worst carrier to put them with. They will not draft again until the person mails in payment for two months. You might as well write that one off.
If the insurance company truely waits until the check clears to pay the agent, then the agent won't experience a chargeback. Of course they would have never gotten paid on it either.
That's the way is should work. Too bad it's not always that way.
That's the way is should work. Too bad it's not always that way.
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You mean a 100% chargeback. The customer could not clear their second payment and the agent would experience a chargeback.
