64 Male with Neuropathy Direct Express
- Thread starter incis
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- 5,260
Maybe 5-Star? Direct Express is almost impossible to place beyond that, although there are 1 or 2.
Reardon hit it on the head, 5Star Graded is your only way to go other an Vantis GI but that makes no sense when you can get 5Star Graded.
- 4,688
Speaking from experience, Direct Express pay customers have horrible persistency. You'll probably find that 75% will not even clear on their 1st payment...and it goes down hill from there.
Most Direct Express people can not get a bank account because they've overdrawn quite a few checking accounts in the past, never paid the bank back for all those bounced checks, opened an account at another bank, did this same process all over again (after all it WAS free $$$ to them at that time), went to another bank, did it again, and again.
Banks will not allow these people to have a bank account with them, so the Gov't gives them a gov't issued plastic pre-paid debit card (even has a visa or m/c logo) so the gov't can direct deposit their soc.sec. or ssi, or disability check onto the card.
Still saves the gov't $$$ compared to mailing their check to them.
My experience with with FE customers using Direct Express, or any other card corroborates the story.
The only time that I have ever ever ever been terminated for anything other than lack of production was 4 or 5 years ago with Asssurity. I wrote enough that were payed with plastic in 2 months that by the time I learned my lesson, the tuition for that lesson was paying back a $2,500 debit balance on top of being terminated for persistence.
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- 18,988
My experience with Direct Exress is very good. Direct Express is not like a pre paid debit card. Direct Express is paid with SS finds and the money goes in the same time every month.
Just be sure your draft date is the same as their pay date.
Just be sure your draft date is the same as their pay date.
Agreed, not sure why all the belly aching about DE business. Draft the same day it hits the account and unless they are one of those people who is standing at the ATM at 12:01am to drain their account you've got no issues. I mean, what's your option don't sell them at all? Last I checked part of something was still more than all of nothing.
- 1,011
+1
All the DE cards I've written are still on the books
The key is to ask them when their deposits hit the bank.. and set the draft for the same day, waiting 2-3 days after might result in Insufficient Funds
- 4,688
The problem is some banks send out drafts before deposits are credited. More power to you guys writing Dir. Express and the other cars too.
My experience with the Direct Express SS deposit has also been negative. Most lapsed before they lasted 3 months. The reason:
The insured went to the bank and withdrew ALL of the money on the date of deposit, causing my bank draft to bounce that very night. Horrible persistence. I now will walk away from a sale rather than have this kind of payment.
The persistency is akin to the lousey persistency on direct monthly bill, which most companifes refuse to do any more either. Just because it's business doesn't mean that we want it.
The insured went to the bank and withdrew ALL of the money on the date of deposit, causing my bank draft to bounce that very night. Horrible persistence. I now will walk away from a sale rather than have this kind of payment.
The persistency is akin to the lousey persistency on direct monthly bill, which most companifes refuse to do any more either. Just because it's business doesn't mean that we want it.
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