Advances On Debit Cards?

[Allen Trent]

I don't know if there is a law against that or not, but my CU will charge a service fee for more than 4 (or is it 6?) transactions per month in my SAVINGS account.

They don't have a problem on my checking account, only savings.

It was definitely a law, but I just discovered by looking it up to link you that the law was changed 18 months ago to allow more than 6. Need to follow up with my bank to see if they have changed now that the big bad govt they were blaming has changed it. Savings Account Withdrawal Limits and Federal Reserve Regulation D Explained - NerdWallet

 

[theinsuranceman]

UPDATE: Curiosity got the best of me. I called JP Morgan (Chase) about this debit card discussion and here's what I was told:

_Yes, JP Morgan (Chase) handles this a little differently from Wells Fargo and most other banks, but not much difference.

_If my debit card expires it's no problem, as they mail me another debit card with same 16 digit #'s, new expiration date, about 30 days before that expiration date and there's no interruption with any auto drafts on the expiring card. I would think all banks do this, but maybe not. I say maybe not because a few people said in earlier posts that if card expires I have to contact the auto draft vendors all over again.

_If I lose my debit card then they issue me another debit card, different 16 digit #, just like all banks do. But here's the slight difference: In this case I would have to call each auto draft vendor to relieve JP Morgan (Chase) of any liability or possible screw ups if they contacted these vendors instead of the bank customer doing the contacting.

 

[theinsuranceman]

UPDATE: I just found out in another thread on this forum that Assurity Life and John Hancock also advance on debit cards. So I guess advancing on debit cards is not all that treacherous, right?

 

[DonP]

I'm going to say this one more time . I've been doing direct express a long time and the chances of somebody making it 4 yrs to expiration without losing there card is 50/50 . And I'm damm sure senior life won't do ss billing like Trans .

 

[theinsuranceman]

I'm going to say this one more time . I've been doing direct express a long time and the chances of somebody making it 4 yrs to expiration without losing there card is 50/50 . And I'm damm sure senior life won't do ss billing like Trans .

Don we're talking about debit cards not direct express cards. Everyone knows direct express people should not be advanced, that's why carriers pay them as earned.

We're talking about bank debit cards. As far as ss billing it's almost there already with Sr Life. They will draft on any date (3rd for ex) and any day of the month (2nd Wed for ex). All they have to do is fix it so whenever the 1st or 3rd is on a Sat or Sun it drafts on Fri.

 

[NewbieNewbie]

Greg it will change your persistency on that business. Period end of story. Pprobably by 15 percent. So if you are at 90 think 75. I'm not even talking about de and metabank just a good old fashioned debit card. Now is it a bad thing to have in your back pocket. No it isn't. If it is the only way to make a sale then sure something is always better than nothing.

 

[theinsuranceman]

Greg it will change your persistency on that business. Period end of story. Pprobably by 15 percent. So if you are at 90 think 75. I'm not even talking about de and metabank just a good old fashioned debit card. Now is it a bad thing to have in your back pocket. No it isn't. If it is the only way to make a sale then sure something is always better than nothing.

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.

 

[suranceman]

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.

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.

 

[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.

The only debit cards Sr Life will advance on will be bank issued. They already pay as earned on metabank, netspend, etc. like the other carriers do. You seem not to be aware that Netspend and Metbank are reloadable prepaid cards, not checking accounts.

They'll do like the other carriers do that are mentioned above, post #83 for example.

You sound like you have experience with a carrier advancing on bank debit cards. Tell us about it so we can all learn something about it.

 

[goillini52]

The only debit cards Sr Life will advance on will be bank issued. They only pay as earned on metabank, netspend, etc. like the other carriers do.

They'll do like the other carriers do that are mentioned above.

You're very sensitive lately Greg.

Maybe you need a "Safe Space", one that you can have with you at all times.