Crump Withdraws Money from Agent's Bank

WinoBlues

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Got an email this morning from Crump that basicly said. oops, sorry we deducted your commission amount from your bank instead of depositing. But we figured it out and wired it back in. So no harm, no foul.

After my initial WTF! I emailed both Crump and the bank to find out how this could happen.

We'll see.
 
Got an email this morning from Crump that basicly said. oops, sorry we deducted your commission amount from your bank instead of depositing. But we figured it out and wired it back in. So no harm, no foul.

After my initial WTF! I emailed both Crump and the bank to find out how this could happen.

We'll see.


Why are they paying you as opposed to being paid by the carrier; is it bonus/marketing money?
 
Why are they paying you as opposed to being paid by the carrier; is it bonus/marketing money?

Depending on the set up some carriers will not pay the agent directly, it has to go through the GA, Cinci Life is this way.

But I have never heard of a company being able to take money out of an account...thats a bit scary...
 
Depending on the set up some carriers will not pay the agent directly, it has to go through the GA, Cinci Life is this way.

But I have never heard of a company being able to take money out of an account...thats a bit scary...


Being a marketing organization, and having several thousand agents; I can tell you that all the agents are paid direct by the carrier.

The only time they are paid by us is if they have bonus/marketing money coming out of our pocket; not the agents comp.

I am not familiar with Cincinnati Life as we do not do business with them, but we do have several relationships with numerous GA companies, and none of them operate this way.

Would that not reduce your renewals?
 
Why are they paying you as opposed to being paid by the carrier; is it bonus/marketing money?

We get bonus money and the percentage over street that we get. Example - Say we get 105% with Genworth We may get 90% direct from Genworth and 15% from Crump.

Somebody's got some 'splanin to do!:1err:

I do not know if this was just me or if this was system wide.
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Depending on the set up some carriers will not pay the agent directly, it has to go through the GA, Cinci Life is this way.

But I have never heard of a company being able to take money out of an account...thats a bit scary...


I get paid direct from Cinci.

A "funny" thing also is that the amount they deducted was less than the amount they wired back into the account. However, the balance reflects the deducted amount being paid in. :GEEK:
 
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We get bonus money and the percentage over street that we get. Example - Say we get 105% with Genworth We may get 90% direct from Genworth and 15% from Crump.

Somebody's got some 'splanin to do!:1err:

I do not know if this was just me or if this was system wide.


I will say that Crump is a good outfit, and has a good reputation. I am still wondering how they got permission to take money out of your account; may be an ACH error.
 
From what I understand when you set up direct deposit with any company or job for that matter if they fell the made a deposit in error they can go back in and take it.. So they may have open access so I could see this happening. Read the direct deposit agreement it should be there in the print. At least that's what I was told many moons ago.
 
Anyone that you give your banking info to in order for them to make electronic deposits can also make electronic withdrawals from that same account.
 
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Being a marketing organization, and having several thousand agents; I can tell you that all the agents are paid direct by the carrier.

The only time they are paid by us is if they have bonus/marketing money coming out of our pocket; not the agents comp.

I am not familiar with Cincinnati Life as we do not do business with them, but we do have several relationships with numerous GA companies, and none of them operate this way.

Would that not reduce your renewals?


Its odd, I know.
Its the only company my GA is appointed with that does this, I dont know why.
I assume that if Cinci does it there must be at least 1 other that does too....maybe not.
The managing partner at my GA told me that this is just how Cinci does things; maybe thats the case for certain types of contracts, idk.

No, it doesnt affect my renewals or fyc....other than having to run by the bank once a month to deposit a check from my GA, lol.
It makes for more work for my GA though, this might be why you dont see many GAs and IMOs carrying them. I also hear from different sources that they have pretty strict requirements for a GA to carry them; and no direct appointments with the company for non represented agents.
Its actually one of my best contracts. :1smile:

They are a great company with a great product line up imo. Some of the lowest term rates out there for A rated companies right now. And a very affordable nonpar WL thats great for underwritten FE ... or estate planning. Their FAs are competitive too.

You should check them out.
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I get paid direct from Cinci.

]


Interesting, I wonder why its different with my GA?
Im friends with the MP and he isnt the type to go through all of that work if he didnt have too...
Plus its an above average contract, so its not like im getting ripped off from it....maybe his overrides are higher since he has to put more work in...
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I will say that Crump is a good outfit, and has a good reputation.

I agree. I used to do business with them and only had good experiences.
 
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