Advances On Debit Cards?

[rousemark]

Hey Rouse thanks for the comments. Remember we're not talking about credit cards being advanced as they have terrible persistency. I'm talking about bank issued debit cards tied to a legitimate banking account. I've mentioned that several times in this thread.

I know what you are talking about. It is not the advance that will create the hair pulling.

 

[goillini52]

I shared earlier, as well as Allen, how our banks handled it. I asked earlier for a couple of posters to share there experience and they never responded except one. Are you reading all the posts to this thread? I even called a few banking institutions and posted their results up here. I actually put forth the effort to find more info and called Wells Fargo and JP Morgan (Chase) and shared the info up here.

Agents don't have to be advanced on bank debit cards, they can be paid as earned. But don't you think that before a carrier sticks its neck out on advances for bank issued debit cards that they would have run the numbers on persistency first? That's just good business, not sure why you are over looking this, after all we're all business owners of our own insurance practice....whether solo or leading a team, right?

I can't really add anything more to this discussion. Since you don't write for SL this will not affect you anyway.

Have a good day!

I can see why the fact that a checking account debit card might expire before the advance is recovered might keep a carrier from advancing.

 

[NewbieNewbie]

As long as it's profitable I'm good with that. Sounds like you've had experience with this? Please share so this can be a learning experience for everyone. I wonder why the debit card's draft persistency is lower than the checking account's draft persistency? After all, they both come from the same well.

Thanks in advance.

People lose their debit card. People get unexpected charges on their debit card. People just get tired of recurring charges. People's card just gets worn out. Happened to me recently and got a new card (chase). It had a new expiration date and Cvv. People move and the zip no longer matches their billing address. These happen from checking too but far more likely from a debit card. This is reality. Again not saying it isn't bad to have the option IF Necessary, but if you lead with a debit card rather than making it only something as a last resort. It is something likely to end in a vector. The applies even more so in the fe market. Hell these people has collectors (debit routes) coming to their doors till about 15 to 20 years ago. They ain't good with money do you expect them to treat a debit card the same way. Some exceptions of course.

 

[myinsurebiz]

How it the world has this long ass thread continued with very little information?

It's like a rant thread . . .

 

[goillini52]

How it the world has this long ass thread continued with very little information?

It's like a rant thread . . .

One way to get it to stop is to have a gay sheep show up.

 

[DonP]

Greg sat here for 10 days arguing with everyone about debit cards . Around 6 out of 85 fe CO's take plastic . These CO's been around 10-40 yrs yet only 6 take it . Then SL gets a brilliant idea to take it and Greg's like wow . These 79 CO's don't take it for for a reason . The crap don't stick . Plastic is plastic wether a credit card , direct express or a debit card . So this clown Greg argues with guys who've taken all these cards for yrs . He's so drunk on the koolaide it's laughable .

 

[theinsuranceman]

Greg sat here for 10 days arguing with everyone about debit cards . Around 6 out of 85 fe CO's take plastic . These CO's been around 10-40 yrs yet only 6 take it . Then SL gets a brilliant idea to take it and Greg's like wow . These 79 CO's don't take it for for a reason . The crap don't stick . Plastic is plastic wether a credit card , direct express or a debit card . So this clown Greg argues with guys who've taken all these cards for yrs . He's so drunk on the koolaide it's laughable .

Mighty hostile there Don. Why so angry with me?

Back in 2004 Sr Life was the ONLY Fe carrier to do tele-sales. Using your elementary logic, in 2004, you'd be saying: none of the FE carriers do tele-sales, it doesn't work, why do you think no one is doing tele-sales? And then here we are today with plenty of carriers doing or attempting tele-sales. Can you now see the error of your logic?

In 5 years when checks are so rare that the typical FE client no longer has any checks, nor any card in their pocket book with their rt # and acc't # written on it, and bank statements showing only the last 4 digits of the account #, then agents will only be able to take bank issued debit cards (for the people with a valid bank acc't). And then you'll be stuck with carriers who only pay as earned on bank issued debit cards? Advances will be a thing of the past? These cards are linked to the bank account #, so if the bank account has $$$ in it the card will be fine and able to make the payment. They are linked together.

Again, I'm talking about bank issued debit cards which are linked to a bank account. I'm not talking about prepaid debit cards such as meta bank, net spend, green dot, or direct express. And I'm not talking about ATM cards neither. Everyone knows you don't advance on those cards. But you guys seem to think that bank issued debit cards are of the same quality as meta bank, net spend, and other prepaid debit cards.

All I did was ask a simple question in my 1st post and then almost everyone who responded seemed to attack me verbally. Almost everyone sounded angry and hateful, and lacking class and professionalism. Not sure why but I'm thick skinned enough to deal with it.

I believe you guys just wanted to argue and pound your chests and look tough...lol. So much for the keyboard warriors...lol.

 

[jdeasy]

How it the world has this long ass thread continued with very little information?

It's like a rant thread . . .

It was never about information. This thread was simply spam from the start.

 

[theinsuranceman]

Ok let me break this down for you since you are so blinded by your pro-SL bias.

If SL takes debit cards, they cannot filter out non checking account cards. That means the metabanks, Netspend, or any other prepaid card will be accepted.

As I said, this will get discontinued in 2022 and you'll see a ton of chargebacks.[/QUOT

So where did you get this info from?

 

[goillini52]

Mighty hostile there Don. Why so angry with me?

All I did was ask a simple question in my 1st post and then almost everyone who responded seemed to attack me verbally. Almost everyone sounded angry and hateful, and lacking class and professionalism. Not sure why but I'm thick skinned enough to deal with it.

I believe you guys just wanted to argue and pound your chests and look tough...lol. So much for the keyboard warriors...lol.

You just keep saying the same thing over and over again.

Sounds like you're getting "sensitive" and teary eyed again Greg. I think it's time for you to go to your "Safe Space" again.