Social Security Direct Express Mastercard

[tsennette]

I have been running into quite a few Seniors who have their SS checks direct deposited into a Direct Express Debit Mastercard that Social Security has set up. So far I am not finding any Final Expense companies that will draft from this type of account. Do you all know of any FE companies that will?

 

[Norwayguy]

I have been running into quite a few Seniors who have their SS checks direct deposited into a Direct Express Debit Mastercard that Social Security has set up. So far I am not finding any Final Expense companies that will draft from this type of account. Do you all know of any FE companies that will?

Wouldn't Assurity take them...I know they will draft from a CC.

 

[jdeasy]

I have been running into quite a few Seniors who have their SS checks direct deposited into a Direct Express Debit Mastercard that Social Security has set up. So far I am not finding any Final Expense companies that will draft from this type of account. Do you all know of any FE companies that will?

5 Star life will do monthly from a credit card. Starting next week, April 19, 2010, American Amicable will take monthly payments from credit and debit cards.

 

[WinoBlues]

Arn't debit cards attached to a checking or savings account?

 

[tsennette]

Typically they are but this is something special that Soc Sec has set up for folks who don't have a bank acct

 

[jdeasy]

Typically they are but this is something special that Soc Sec has set up for folks who don't have a bank acct

I had a problem with 5 Star Life on those cards even though they take them. AmAm says they will accept them as of April 19.

 

[tsennette]

You Guys Are Awesome... Thank You!

 

[moonlightandmargaritas]

I have been running into quite a few Seniors who have their SS checks direct deposited into a Direct Express Debit Mastercard that Social Security has set up.

Do you prospect these folks down at the Wal*Mart?

 

[theinsuranceman]

Arn't debit cards attached to a checking or savings account?

Original poster is talking about a pre-paid debit card. It's not tied to sav. or checking account. Sr. Life will be able to draft on these pre-paid debit cards in about a month or 2.
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Do you prospect these folks down at the Wal*Mart?

This demographic is ideal for Final Expense.
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5 Star life will do monthly from a credit card. Starting next week, April 19, 2010, American Amicable will take monthly payments from credit and debit cards.

I predict American Amicable will stop drafting credit cards within 12 months after they start it up. Persistency is about same as Direct Bill, yet if the agent gets advanced, then a huge advance debt for the agent grows and then the agent will leave the Co. and then the agent's manager has to eat all that advanced debt. Credit cards only good for "as earned".

Debit cards tied to a bank (especially checking account) is a different story.

 

[jdeasy]

Original poster is talking about a pre-paid debit card. It's not tied to sav. or checking account. Sr. Life will be able to draft on these pre-paid debit cards in about a month or 2.
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This demographic is ideal for Final Expense.
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I predict American Amicable will stop drafting credit cards within 12 months after they start it up. Persistency is about same as Direct Bill, yet if the agent gets advanced, then a huge advance debt for the agent grows and then the agent will leave the Co. and then the agent's manager has to eat all that advanced debt. Credit cards only good for "as earned".

Debit cards tied to a bank (especially checking account) is a different story.

I don't think they will stop them. Did raise the modal rates to accomodate the fees that the cards charge. They also do direct monthly, so, it's not like this is new to them.

They don't advance on the monthly direct. They haven't said if they are going to advance on the debit/credit card as of yet. Or, maybe they did and I didn't catch it. I'm as earned on all business with them anyway, so, what they say about advancing is not a concern to me.