Trouble Getting Bank Info...

[Andrew.Pryor]

I'm having trouble getting the bank info. I will get through a presentation, I will make them choose 1 of 3 options I show them and I start the application. I'll even get through the phone interview with some companies and then I go to get bank info and it's like no one has a bank account. They are still paying bills with cash, etc. 3 last week I filled out completed apps and never could get bank info. One guy I drove back to his house 3 times and no luck. Any advice?

I feel like since I'm a nice guy they go through the process and never intend on giving me the bank info...

 

[Rearden]

You need to ask in the pre-qualification phase, whether or not they have a bank account.

I phrase my question along the lines as such:

"As you know, Mr. Prospect, I work with about 15 different insurance carriers, and some of them give you a discount on your premium if you bank locally at a bank or credit union. Do you do either?"

 

[Jerard]

I always do the PHI last, after the financing has been secured.

 

[Agentguy5]

Don't ask, TELL the client...

Ok, Mr Jones, I need you to go and grab me a void check...

I don't have a void check...

Ok, look in your wallet, you have a little card with the checking account number on it, pull it out...

I can't find it...

Ok, gimme your Debit Card....

Well, I don't like to give out that information...

Mr Jones, I know why you don't want to give me your bank information and I respect you for that... You're a very smart man... I have been Lied to, Cheated, Stolen from, and it's the worst feeling there is... BUT..

I need to be clear about something. I have been doing this for a very long time... I went to school to get my license and have been approved by the state of Florida, here's my license and my drivers license.. so you see that I am really who I claim to be...

This license Feeds my family and helps people like you, and if I lie to you... I can LOSE it...

I don't lie, and I don't cheat people... My family would be ruined if I did...

The insurance company will not take your money until the 3rd of next month... You have my word...

Go grab me that Void Check....

 

[Indy007]

A good non threatening way to see if they have an account is to ask "Is your SS deposited on the 3rd each month?" If not, they'll tell you no and tell you when it is. Now you know they have an account, and have the ability to set up drafts. If not on SS, say same thing, just "does your work direct deposit weekly or every 2 weeks?"

The problem you might be having is YOU are uncomfortable asking for it, which the client can sense. That will make them uncomfortable giving the info to you.

 

[jdeasy]

I'm having trouble getting the bank info. I will get through a presentation, I will make them choose 1 of 3 options I show them and I start the application. I'll even get through the phone interview with some companies and then I go to get bank info and it's like no one has a bank account. They are still paying bills with cash, etc. 3 last week I filled out completed apps and never could get bank info. One guy I drove back to his house 3 times and no luck. Any advice?

I feel like since I'm a nice guy they go through the process and never intend on giving me the bank info...

If they are on SS or SSI then they have an account now. No way around it. If they don't have a checking or savings for the deposit then they will have the DE card.

Saying they don't have an account is a hint that they are not sold. Personally I would not do the phi or even fill out the application until the banking info is secured.

 

[Indy007]

JD, good point for folks on SS or SSI, and you want to find out which (ck acct or DE card) before quoting/doing the app as not all carriers do the DE card for drafts.

Once they decide the coverage they want, tell them you need their DL/ID and ck book or DE card, and list of prescriptions they take.

 

[Andrew.Pryor]

Don't ask, TELL the client...

Ok, Mr Jones, I need you to go and grab me a void check...

I don't have a void check...

Ok, look in your wallet, you have a little card with the checking account number on it, pull it out...

I can't find it...

Ok, gimme your Debit Card....

Well, I don't like to give out that information...

Mr Jones, I know why you don't want to give me your bank information and I respect you for that... You're a very smart man... I have been Lied to, Cheated, Stolen from, and it's the worst feeling there is... BUT..

I need to be clear about something. I have been doing this for a very long time... I went to school to get my license and have been approved by the state of Florida, here's my license and my drivers license.. so you see that I am really who I claim to be...

This license Feeds my family and helps people like you, and if I lie to you... I can LOSE it...

I don't lie, and I don't cheat people... My family would be ruined if I did...

The insurance company will not take your money until the 3rd of next month... You have my word...

Go grab me that Void Check....

Thanks! I really appreciate this advice!

 

[GAJ638]

I have never had a problem with the bank information. While I am asking the health questions I ask, "who do you bank with?" Is that a checking or a savings account. If a checking account I say...can you get me a blank check so I can list the information correctly? If a savings account I ask for a card with the account and will call the bank from their home( if it before 5) and get the routing number. If a debit card I ask for their last bank statement to get the account number.

If they have no bank account I am out of there unless their Mother, Sister or Brother is willing to put up an account to draft from.

 

[Andrew.Pryor]

I have never had a problem with the bank information. While I am asking the health questions I ask, "who do you bank with?" Is that a checking or a savings account. If a checking account I say...can you get me a blank check so I can list the information correctly? If a savings account I ask for a card with the account and will call the bank from their home( if it before 5) and get the routing number. If a debit card I ask for their last bank statement to get the account number.

If they have no bank account I am out of there unless their Mother, Sister or Brother is willing to put up an account to draft from.

So for the debit card you are talking about the Direct Express correct? Also, I was talking with a seasoned agent the other day and he said that same thing as you. He will literally stop and leave the home if they don't have a bank account. He basically tells them thank you for your time, but without a bank account I am unable to help you. is this consistent with what you do?