Direct Express Debit Cared for SS Recipients

[mikeincolumbuso]

I have been running into people getting their SS benefit checks on this debit card. I just found out that Liberty Bankers accepts the Direct Express card. Anyone aware of other FE companies that will allow the Direct Express card to be used to pay premiums. I bet a lot of people will be switching to the card to avoid the hassle of having a checking account. I ran across this when one of my clients switched and now her policy is going to lapse because she cannot afford to pay the quarterly premium for direct bill accounts.

 

[JimmyUt]

I have been running into people getting their SS benefit checks on this debit card. I just found out that Liberty Bankers accepts the Direct Express card. Anyone aware of other FE companies that will allow the Direct Express card to be used to pay premiums. I bet a lot of people will be switching to the card to avoid the hassle of having a checking account. I ran across this when one of my clients switched and now her policy is going to lapse because she cannot afford to pay the quarterly premium for direct bill accounts.

I believe Lincoln takes the card as well, but then you have to sell their products.

 

[Daytona_Guy]

I have been running into people getting their SS benefit checks on this debit card.

We've been expecting these for a long time now, and now we'll see how receptive the final expense carriers will be. Hopefully they'll be treated better than the credit cards, which went the way of the debit routes. The credit card persistency was pretty bad, from what I understand.

U.S. Treasury Introduces Direct Express Debit Card for Social Security Payments: Press Release: Financial Management Service

Paper Social Security checks will become obsolete in May -- GovExec.com




.

 

[jdeasy]

We've been expecting these for a long time now, and now we'll see how receptive the final expense carriers will be. Hopefully they'll be treated better than the credit cards, which went the way of the debit routes. The credit card persistency was pretty bad, from what I understand.

U.S. Treasury Introduces Direct Express Debit Card for Social Security Payments: Press Release: Financial Management Service

Paper Social Security checks will become obsolete in May -- GovExec.com




.

It doesn't seem they are going to be well received by the companies. AmAm was taking them and stopped. Monumental takes credit cards, but not Direct Express.

5 Star Life takes credit cards, but I don't know if they exclude Direct Express or not.

 

[theinsuranceman]

Sr Life takes them, but the persistency is about as bad as direct bill money order biz. These people are not welcomed by banks to open accounts for a reason, these people would overdraw checking accounts in times past and never made their NSF checks good and left everyone "holding the bag". They just don't/won't pay their bills responsibly.

 

[mikeincolumbuso]

Re: Direct Express Debit Card for SS Recipients

That is what I thought. The SS beneficiary is protected because there are no charges from the bank for overdrawing the account so it is only the insurance company is out. I think it is a catch 22 for them, since more and more of the final expense market will be getting these checks, it will be harder for the final expense companies to not accept them. It used to be that the folks that did not like banks could just go the money order route but I see a lot of seniors switching from checking accounts to the debit cards and that may include people that already have in force policies with the final expense company and that is what this issue up. So other than Liberty Bankers, is anyone aware of other companies that accept the Direct Express card?

 

[Thad.Sipple]

Liberty Bankers Life accepts DE cards.