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Is the Direct Express card supposed to be our friend or foe? It looks like more people are going to this every day...at least in my neck of the swamps.
SSI Direct Express
- Thread starter RonRoberts
- Start date
- 5,305
5 Star will take them for now............
Almost no one else will.
Almost no one else will.
- 19,647
It is not the friend of the FE agent. Only 5 Star takes it among the better priced companies. AmAm took it for aboyt 6 months and stopped.
There is a test group within Monumental that is allowed to use the Direct Express. If you are not in that test group you still cannot use it at Monumental. I think you may have been on a call where we were told we could use it, but that was incorrect information. From what I understand they are not pleased with how the test is going. That means it's unlikely to be expanded, but we'll see.
As of Jan 1, 2013SS will no longer mail check. If you do not have a checking or savings account for direct deposit you will be issued Direct Express.
I wish more companies would take it, but the ones that don't have accounts now are not good customers to have anyway.
- Thread starter
- #4
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jdeasy said:
I was on the call and thought I remembered Travis stating Monumental would take it and saying that was not the case. It does stink when you go out and sell 3 policies in one day and they all are direct express. Especially when you are dropping to $15K and up and all three are less than $6K a year earners! Somebody's data is off! But that is probably the case with all data.
5Star, Vantis and Liberty Bankers are the only ones I know of. Between 5Star and Vantis you won't miss much so I don't see much use for LB. I think we can thank the agents who were using pre-paid debit cards for ruining the ability to use Direct Express. To me it's a viable mode of payment vs. direct billing. Yes you'll still have people that somehow drain their account before your draft hits but not as many as if on direct billing.
- 5,305
What's the pre-paid debit card issue you're talking about, Brad?
When someone didn't have a bank account an agent could just put money on a pre-paid debit card that could theoretically be re-loaded if the client took cash to the bank and put it on the card. Problem was most won't do that just as most won't mail in direct bill (that don't have a bank account).
To me persistency on on Direct Express is 10 times better than what persistency is on a pre-paid debit card.
