AmAm to Stop CC/debit Card Billing.

[jdeasy]

That didn't last long. I wonder if the rates will be reduced back to pre CC levels?

 

[Mark]

Assurity and Madison Life just stop taking them also.

A lot of companies are doing this.

I've seen all kind of reports on why they are doing this and they are all losing money to accept these forms of payment.

 

[scotte]

I heard that there was some new law taking affect in 2011, which makes excepting credit cards less appealing.

 

[Mark]

It is just like you cant use a credit card to buy lottery tickets because you can dispute the charge, this can also happen with life insurance...

 

[scotte]

I can see putting an annual payment on a credit card if for only points; but for monthly payments. That starts to sound like someone who can't afford the coverage.

 

[Stephen]

I would be willing to bet that the main culprit is the green dot card.

 

[theinsuranceman]

I posted last year that a lot of FE Co.'s would stop debit/credit card payments due to horrible persistency. We saw that a few years ago when I was writing LH full-time.

 

[jacobtn]

never sold Am/Am anyway their rates are outrageous

 

[Newby]

ForeThought was the first company I had that took credit cards but they quit taking them 3 years ago. They claimed the mechanics of processing them was not good.

 

[Mark]

I understand stop taking cc, but why debit cards?