Bye Bye Advanced Commissions on Approval with Transamerica

[JoshC]

Did you move recently?

Been gone since 2003. Get down there some though.

 

[indiana260]

Petey *claims* to have been running away to get me some help.

Perhaps he was trying to flag a ride down in order to get the hell out of there and save his own skin!

Either way, I'm glad he was there with me, as I'm sure he will attest that was one scary appointment, and having a wing-man beside me may have made the difference in my safety.

I am seeing peewee running naked in Porkeys. Police had to turn on the siren to pull him over

 

[Birdman300]

Getting paid on issue has it's pros and cons...same with getting paid on draft.

I was talking to another agent a few weeks ago and he was telling me that he has some carriers that hold a percentage of his commissions in a reserve account up to a specified limit (like $3k or something like that). Then if he get's a chargeback, it comes out of the reserve account instead of having a negative balance. This allows him to keep working and getting paid in the middle of having cancelled/lapsed policies. I know Newby has used this in the Preneed industry, but I'm curious if anyone else knows about this or currently uses something similar. I'd be curious to know which carriers offer this as an option. Anyone know?

 

[JoshC]

Getting paid on issue has it's pros and cons...same with getting paid on draft.

I was talking to another agent a few weeks ago and he was telling me that he has some carriers that hold a percentage of his commissions in a reserve account up to a specified limit (like $3k or something like that). Then if he get's a chargeback, it comes out of the reserve account instead of having a negative balance. This allows him to keep working and getting paid in the middle of having cancelled/lapsed policies. I know Newby has used this in the Preneed industry, but I'm curious if anyone else knows about this or currently uses something similar. I'd be curious to know which carriers offer this as an option. Anyone know?

Ain't that what savings accounts are for?

 

[Norwayguy]

Hey that'll come in handy when I turn 40 and trade my wife in for two 20s!

That's just twice the nagging.

 

[bigbubbabuford]

Transamerica for many years let agents charge leads against debit balances..many guys left there upside down.

 

[rousemark]

If I were working with a down-line and responsible for roll-ups, I certainly would not want agents paid on submission or issue. I would want the check or first draft to clear first. But then, that is what I always preferred personally as an agent. Recently I had to call a company and withdraw the application.. It had not been drafted and since they didn't pay until the draft, there was no problem. And, I didn't get hit with a charge-back.. Hate to give up money once I get it in my greedy little palms!

 

[Baseball7]

On what planet does being paid on 1st draft prevent CB's on NSF?

 

[rousemark]

On what planet does being paid on 1st draft prevent CB's on NSF?

I didn't notice how long ago it was posted but I was referring to a statement about not being paid until 7 days after the draft which should give it time to clear. If you notice, I said " I would want the check or first draft to clear first".. so your question really doesn't apply to what I actually wrote.

 

[SammyJ]

I agree with baseball that its irrelevant in relation to nsf's but its mentally tough to give back . All I can say is once you start annualization its tough to get off as chargebacks will eat up your as earned.That means you could literally go weeks or months with no check.