Advances On Debit Cards?

[theinsuranceman]

Not prepaid cards. Regular bank debit cards. You dodged my question....what are other carriers doing to help their agents?

 

[Allen Trent]

Greg maybe so but people lose their debit cards all the time . Hell I lose mine a few times a yr . Whey do you think few CO's accept debit cards ?

Nevermind. A bank debit card is the clients checking account, just a quicker easier way for client to provide it cause it is in their wallet & they use it daily or at least a handful of times a week whereas almost no one uses their checkbook once a week anymore & don't even carry it with them. In short, Bank debit card quicker & easier for all compared to trying to teach a client how to figure out which numbers on the checks are the acct # & which are the routing .......after they finally locate the checkbook

 

[goillini52]

Hey Don, you didn't read my post accurately. This is NOT DE (direct express) cards I'm talking about. Everyone knows that DE business has horrible persistency and should never be advanced.

I'm talking about bank debit cards that are tied to either a checking or savings account with a normal bank (Bank of America for ex.) You probably have one yourself. If you read my post I clearly specified this is NOT direct express.

I think you are saying this because you always try to start an argument or perhaps show me up...lol. Good luck with that...lol.

UPDATE: Someone just texted me that maybe you said that nonsense because, as was pointed out yesterday in another thread titled "the best final expense carrier", you just don't have a good command of the English language. After a few seconds of reflection I thought to myself by golly that's right, here's another perfect example showing that.

Not a bad thought, but even if they don't have checks they can look on their bank statement to get their account #. Those debit cards are only good for 3 years, then you'll have to try and get the new card info from them to keep their policy from lapsing. Better to do it the normal way and just set it up on EFT.

 

[Baseball7]

Transamerica advances on direct express.

 

[goillini52]

Who cares? That's like saying "why put the customer on bank draft, their draft make not clear? LOL. Simple logic. This is just another step that Sr Life is doing to help their agents out.

So, what are other carriers doing to help their agents out?

By golly I've said it once and I'll say it again: If any agents would like to call me and have a confidential conversation so you can compare the pros and cons of your carrier(s) and upline with the pros and cons of Sr Life and me as your upline please feel free to pick up the phone and call me anytime between 9am est to 7pm est Mon thru Sat and Sunday afternoons are fine too. These times I've just listed shows you I'm pretty easy to reach....which is sometimes important for agents.....especially new ones. 252-292-3350

Keep On Pimpin'!!!

 

[theinsuranceman]

Greg maybe so but people lose their debit cards all the time . Hell I lose mine a few times a yr . Whey do you think few CO's accept debit cards ?

Think about this Don. Back in 2004 we started doing FE tele-sales...over a decade before other FE carriers started dipping their toe in the water. Back then pretty much everyone up here said FE tele-sales doesn't work, persistency will be horrible, people wont buy, etc. Here we are in 2021 and lots of FE carriers are doing, or attempting to do (lol) FE tele-sales. And there are lots of agents prospering doing FE tele-sales. Sr Life lead the industry in perfecting this sales platform.

This is analogous to the present conversation about advancing on bank debit cards. Once again Sr Life is leading the industry. In 5 years writing checks will be obsolete, we can all see the writing on the wall.

In 5 years, when Ms. Jones no longer has any check book in the house, her bank statement only shows the last 4 digits of her bank account, and all she has is her bank issued debit card, FE agents (with the other carriers) will be forced to be paid as earned, and advances will be a thing of the past (for them)!

At that time agents, agencies, and IMO/NMO's from all carriers will be flocking to Sr Life in droves so they can still enjoy advances, that is if the competition doesn't step up to the plate and help their agents. Without those agents the insurance carriers will fold. Therefore, I predict, all carriers will be following, once again, in Sr Life's foot steps.

Sr Life is on a mission to "take over" the Fe industry. This just another example showing their progress in doing so.

 

[theinsuranceman]

Transamerica advances on direct express.

Direct Express or Debit cards?

 

[Allen Trent]

bank statement only shows the last 4 digits of her bank

Just dealt with this personally for the 4th time in a few years. I have 4 teen/college kids that I set up automatic monthly transfers to their accounts. There is a a spot on my bank website to do it, but you need account #s. Many people are e-delivered bank statements. Printed ones only have a few digits & no routing #. Online mobile app shows account #s in hidden locations but has leading zeroes for disguise, so when you punch in the acct# seen on mobile screen it doesn't work on the website to make transfers. Have to call bank 800# & they then explain to ignore the 1st 2 leading zeroes & the one at the end & include the number after the dash at the end because the # after the dash tells whether it is savings,checking, money market, Christmas club, .........

 

[theinsuranceman]

Not a bad thought, but even if they don't have checks they can look on their bank statement to get their account #. Those debit cards are only good for 3 years, then you'll have to try and get the new card info from them to keep their policy from lapsing. Better to do it the normal way and just set it up on EFT.

You must not have written any FE business the last couple of years, have you? Pretty much everyone's bank statement nowadays have only the last few digits of the account # on the bank statement, for security reasons. FE agents see this every day.

And getting the bank issued debit card # over the phone, as opposed to checking/savings account info over the phone, will be so much easier for FE tele-sales agents! The clients are much more comfortable sharing their card # as opposed to their bank account #.

Tele-sales agents that are having trouble getting bank info over the phone when doing tele-sales should feel free to call me sometime so I can share our complete FE tele-sales platform.

 

[theinsuranceman]

Just dealt with this personally for the 4th time in a few years. I have 4 teen/college kids that I set up automatic monthly transfers to their accounts. There is a a spot on my bank website to do it, but you need account #s. Many people are e-delivered bank statements. Printed ones only have a few digits & no routing #. Online mobile app shows account #s in hidden locations but has leading zeroes for disguise, so when you punch in the acct# seen on mobile screen it doesn't work on the website to make transfers. Have to call bank 800# & they then explain to ignore the 1st 2 leading zeroes & the one at the end & include the number after the dash at the end.........

Exactly right.