- 14,808
Well said
Direct Deposit for commissions
- Thread starter kew
- Start date
Winter and Healthagent,
I understand what your saying and I see your point of view. Also in most situations, I would totally agree, especially since I am the one at a bank who does audit for these type of situations.
However, to me not everything in this world is black and white. One of the things that I have seen is that when someone gets on the bad boy list of the companies that bank's check, it is darn near impossible to get off them, no matter what the consumer does. I know this because I have been the person to submit a customer's name to this type of company and then when the customer came in and made their account whole, it took what I considered to long to clear their name.
In situations where I knew the regulation was being somewhat violated, but the customer was not doing it for personal gain but out of necessity I would allow it to continue and argue this point with either the state or federal regulator, some I have lost, but most I have won, when you explain it out.
So yes, I do admit that I was endorsing fraud, but it was not at trying to help the poster illegally gain from his actions, but to assist him until he can get on his feet. And Yes as I look back at his post, I admit I made an assumption.
I am sure that in the insurance industry as in the banking industry, when you are working with compliance, you wonder who was the genius that thought this up. Unfortunately for the banking industry, it was some PC I want the world to take care of me, the bank hurt my feelings and I want revenge who make the complaints. I'm sure that you have never seen this in you years of selling insurance, either personally or someone that you know of.
To you Winter, since your the one who called me out on this and rightfully so, I do apologize and understand why you did so. However, the intent of fraud was not there.
I understand what your saying and I see your point of view. Also in most situations, I would totally agree, especially since I am the one at a bank who does audit for these type of situations.
However, to me not everything in this world is black and white. One of the things that I have seen is that when someone gets on the bad boy list of the companies that bank's check, it is darn near impossible to get off them, no matter what the consumer does. I know this because I have been the person to submit a customer's name to this type of company and then when the customer came in and made their account whole, it took what I considered to long to clear their name.
In situations where I knew the regulation was being somewhat violated, but the customer was not doing it for personal gain but out of necessity I would allow it to continue and argue this point with either the state or federal regulator, some I have lost, but most I have won, when you explain it out.
So yes, I do admit that I was endorsing fraud, but it was not at trying to help the poster illegally gain from his actions, but to assist him until he can get on his feet. And Yes as I look back at his post, I admit I made an assumption.
I am sure that in the insurance industry as in the banking industry, when you are working with compliance, you wonder who was the genius that thought this up. Unfortunately for the banking industry, it was some PC I want the world to take care of me, the bank hurt my feelings and I want revenge who make the complaints. I'm sure that you have never seen this in you years of selling insurance, either personally or someone that you know of.
To you Winter, since your the one who called me out on this and rightfully so, I do apologize and understand why you did so. However, the intent of fraud was not there.
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- 2,908
Fair enough. We are all just trying to stay on the straight and narrow path. I do think that it is important to bear in mind that there are the controls and considerations from the banking regulation point of view but licensed financial services professionals are also bound by both the letter and spirit of the Anti-Money Laundering Law, whose very purpose is to preclude activity that is intended to create a smokescreen around the true participants in financial transactions.
As an aside, a couple posters pointed out that deposits are made into the accounts of GA's and others everyday where the source of the funds is actually payments due to the agent. The difference is that these are transparent transactions where the agent has agreed to a commission assignment and technically the funds are due to the GA, not the agent and the carrier is not led to believe that that account is actually the agents or the GA's when it actually belongs to a third party.
In addition, to receive deposts into an account, the account holder must submit permission to the bank and carrier via the authorization forms and certify that it is their account. This is all find and dandy if the person actually does own the account. Otherwise I dont see how they can authorize it without fraudulently representing that that is their account when they give permission. The direct deposit forms are not just giving direction to the carrier that you want to be paid by direct deposit, they are also creating documentation to give to the bank showing that permission has been granted to deposit into an account owned by the signer. Methinks anyway. I dont believe you can direct deposit into someones account without their permission even if it fine with the agent and the carrier but I yield to your banking experience.
Anyway, I leave it there but those are the considerations that come to mind. I dont question the good intentions, and similarly I am just trying to keep folks out of a scenario where good intentions will serve as no defense if compliance or regulatory folks got wind.
Anyway, I leave it there. No harm done.
Winter
- 14,808
Listen - get the checks mailed - cash 'em at a check cashing place and eat the 1%.
Get a pre-paid credit card so you can purchase internet leads and business tools.
Pay off the bad checks - then Check Rite must report that everything has been satisfied.
I've been happily married for 11 years. Part of that happiness is not having my wife ask "what's this charge for $460 for Vimo? Crap on that.
Get a pre-paid credit card so you can purchase internet leads and business tools.
Pay off the bad checks - then Check Rite must report that everything has been satisfied.
I've been happily married for 11 years. Part of that happiness is not having my wife ask "what's this charge for $460 for Vimo? Crap on that.
- 7,066
How many years total?
I think there is a joke that goes something like that. Couldn't resist.
If you can't get a checking account b/c you wrote a few hot checks and not because your trying to avoid garnishments you should be able to open a savings acct at least for your direct deposits then transfer the money to a pre-paid visa. Or you can have direct deposits put directly on a pre-paid visa. Search around online.
Here's one you can check out Prepaid Visa | Prepaid Mastercard | Prepaid Debit Card | All-Access Visa | All-Access Mastercard | Prepaid Credit Cards
Here's one you can check out Prepaid Visa | Prepaid Mastercard | Prepaid Debit Card | All-Access Visa | All-Access Mastercard | Prepaid Credit Cards
- 14,808
Well, no one's gonna avoid garnishments by trying to arrange what happens to commissions....there won't be any.
The garnishments or levies will hit the carriers directly. Only way around that is to ghost write.
The garnishments or levies will hit the carriers directly. Only way around that is to ghost write.
How many years total?
I think there is a joke that goes something like that. Couldn't resist.
Reminds me of he psychologist who said I have had several marriages (both good and bad) but all to the same woman.
I understand what he means. It will be 35 for me next week (I was a child bride)! - 7,066
Reminds me of he psychologist who said I have had several marriages (both good and bad) but all to the same woman.
I didn't know you were a pretty lady. Congrats on 35 years, I'll bet all of them were happy. You sound like a cool person.
What was it like being married at age seven?
