Chargeback Debt Continues to Increase - What are the Repercussions of not Paying?

[goillini52]

What companies wait for the check to clear? Most just wait for the draft date and then pay whether it cleared or not don’t they?

I meant to say premium drafted. I think every company I write for doesn't pay me until draft has cleared, at least that's what I've been told.

 

[scagnt83]

I meant to say premium drafted. I think every company I write for doesn't pay me until draft has cleared, at least that's what I've been told.

I just had that happen to me for the first time this year. Or if it happened before I didnt realize it.

They even had 1035 funds and still wouldnt pay me until the draft cleared.

 

[goillini52]

I just had that happen to me for the first time this year. Or if it happened before I didnt realize it.

They even had 1035 funds and still wouldnt pay me until the draft cleared.

I think the companies would be looking at a lot of chargebacks if they paid before the draft cleared.

 

[scagnt83]

I think the companies would be looking at a lot of chargebacks if they paid before the draft cleared.

I think it depends on the carrier. Fully Underwritten carriers perform credit checks and usually are not insuring people who bounce checks often.

MoO is the carrier it happened with for me. So Im sure they have that in place because of the FE side of their biz.

 

[goillini52]

I think it depends on the carrier. Fully Underwritten carriers perform credit checks and usually are not insuring people who bounce checks often.

MoO is the carrier it happened with for me. So Im sure they have that in place because of the FE side of their biz.

I just checked with Aetna and Lumico. They both pay after 1st draft cleared.

 

[Newby]

I just checked with Aetna and Lumico. They both pay after 1st draft cleared.

So they wait three or four days after the draft date to pay you?

 

[WinoBlues]

I forget who pays or paid after the delivery receipt was signed. Several paid on submis or approval

 

[goillini52]

So they wait three or four days after the draft date to pay you?

They wait a day, but takes 3 days to show up in my account. Aetna only pays twice a week. It varies by carrier.

 

[goillini52]

I forget who pays or paid after the delivery receipt was signed. Several paid on submis or approval

I remember one that paid after delivery receipt, but can't remember who.

 

[rousemark]

I remember one that paid after delivery receipt, but can't remember who.

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