Routing Number And Account Number

[noah]

No no no. Please read the OP. These folks were qualified on the bank account.

 

[Biggin]

No no no. Please read the OP. These folks were qualified on the bank account.

If they have a bank account they get monthly statements. It's in that pile of crap that's been on the table since 1987. Or call the bank (that will smoke out the real objection.....money). I simply stand up and say "here, let me help you look through those papers to see if there's a statement" If they don't magically "find" the account number you have lost your prospect and are now dealing with a suspect.

 

[jjrardin]

I have torn up fully filled out applications. I'm not leaving the deal without the bank info. I won't call them back the next day for it. That's almost like doing the "think about it" close. I don't do that anymore either.

snip.....

In general, a very simple lesson, but a very hard one (at least for me) to implement. Telling the customer no.
No, we're not doing it this way.
No, we don't mail things out.
Will you come back in a couple days, no.
I have been playing the nice guy and jumping through hoops, turns out the ones I jumped through hoops for..... funds never cleared.
Now I have implemented the 'no' I feel much more in control, not stressed about chasing things down and jumping through hoops.
So I am totally on board with tearing it up and saying call me. We all know an app with any 'one' thing missing is nothing more than firestarter. A harsh reality, for me anyway.

Jim

 

[deadhead]

Agreed on finding bank statement. There is usually one around. As a side note offer to drive them to the bank. I have done that more than once.

 

[slushpuppyking]

Thanks JD,that's what I needed to hear. I'm not into games,chasing,letting them control the situation,nor am I weak in the house. If they go lame any way at any point with the banking info,I'm going to put them in reverse,tell them they really don't want it,tell them I'll tear up the deal right then and there if they won't do what they need to do right then and there to provide the banking info.
This happened to me twice in the last two weeks on well qualified prospects.
In the home improvement business,the lenders used to require proof of income,current paystubs,sometimes I had to go back to get this before I ran the job,but it wasn't an off or a stall.
I have taken credit apps from outside a closed bathroom door while the customer was on the pot taking a dump !
One time,I arrived for a pitch and the guy came to the door with a towel wrapped around him,razor in hand with a half shaven face. I sat him down right there and closed him on a deal and he had to put the razor down to sign the papers. He still had half of his face lathered with shaving cream when I walked out with the contract.
I know what you mean about being in control.
In that business the only time I used the reverse was if I felt they were shaky and might cancel.
But they way you helped me understand it,this is an off,if they fail to give up the bank info right there.
I shall proceed forward with your philosopphy and report back.

You got 2 types of people in this regard: Those that aren't completely sold and fibbing about not having the info and those that are just too scarred/cautious to give the information out.

In the world of sales the only thing we see is the type that just isn't *closed*. They aren't committed, we didn't seal the deal, push a bit harder and if you don't get the info tear up the app and leave.

BUT keep in mind for years now seniors have been scared to death to give out their personal info. They are warned via the media and spam mail on a daily basis. They might not want to insult you by admitting they don't trust you enough to give the info.

Either way it's damn annoying to get through the entire thing and get the sense they are sold only to run into the checking account roadblock.

 

[moonlightandmargaritas]

A myriad of questions/problems here...

Problem: After finding a need and a desire : I am committing the prospect to doing business while I am there(today) if the plan works for them.

No way YOU can "commit them". They can only commit themselves!

They tell me they usually get there money and use money orders....

Interesting. Your BS meter didn't alert? If they have a checking account, why would they need to "use money orders"? (PS-They get "their" money. "There" is a place.)

They are sincere about needing,purchasing the plan.
They are not shaky at all,thank me for coming over,tell me how much they need insherance. It's all good,no negative vibe at all.

You've obviously miscalculated here - home improvements are TANGIBLE, insurance is INTANGIBLE. Big difference amigo.

I am almost ready to ask for the voided check before I pitch from here on out. Any suggestions?

I'm sure that'll get good results. If you haven't covered how/why they are going to pay - before you ever "pitch" (there's really no "pitch" required), I suggest (at your request) brushing up on your sales training.

The deal has been written,plently of confidence,a bond with the client,the only missing link is the bank info.

Sounds perfect...the only thing you're missing is THE MOST IMPORTANT THING.
You've badly overestimated the "confidence" and "bond". Without the payment info, you've got air - which ain't nothin'!

You call the next day or go by yhere and they may not answer the phone pr the door,lr they may have a personal problem. You don't know ?

No "personal problem". You should know. They're saying no...but trying to do it as painlessly for them as possible, that means ducking you.

Sounds like your sales skills aren't quite as surgical as you portray them...

 

[goillini52]

You can get the routing number yourself online or by calling. It's public information.

Even though you might get the banks routing #, you still can't do anything without the account # .

 

[noah]

That 's some really good information. I was trained to ask about the checking account information up front,but didn't get trained any further until this happenned. So I got taught a lesson,I guess it's part of the learning curve. I got smoked. Fool me once,but after this thread,not twice.
By the way,both of these were lay downs that told me "I need me some insherance". I don't hard sell,I look for someone with a big need,big desire. I just didn't have the answer at the end,when they pulled this crap on me. I'm also working in small towns,villages,everybody knows everybody,everybody's friendly.
I'm going get them to agree that they have no problem getting me a voided check if we can put something together while I'm out there and tell them the only time I'm able to come back is when I deliver their policy.
If they give me any flack,I'm gone.
You guys are great,thanks.

 

[Chael]

Noah, I'm new to this forum so my words may not carry that much weight. However, if I were to answer your question... Once the client has agreed to the premium but may not have the banking info (account #) (I think we've covered that routing #'s are VERY easy to find). I'll do a few different things.

First, call the actual bank and see if you can squeeze the account # over the phone. Most banks don't allow this. If that's the case, I will ask the client to jump in my car and we'll swing by their bank and get the account #. I've done this several times and they are always willing. If they don't have a bank account and want to pay money orders, etc... Then I will drive them to the nearest bank and have them deposit the premium for the first month and open a new account. Don't be afraid to actually drive them, at the very least it builds rapport with the client.


Bottom line, if they get medically approved and are comfortable with the premium DO NOT LET THEM wait another day. After all they could die tomorrow.

 

[Buck_I]

Problem: After finding a need and a desire : I am committing the prospect to doing business while I am there(today) if the plan works for them. I make sure they have a valid checking or savings account. I ask the health questions.I go through my story,close the deal. We fill everything out and they sign,no problem.
It's after business hours.
They use a debit card mostly,cannot locate a voided check,want me to come back or call them the next day. They give me the name of the bank,tell me they will go up there or call and get the routing number. They tell me they usually get there money and use money orders.,but they will make sure the premium is in their account on our agreed draft date.
They are sincere about needing,purchasing the plan.
They are not shaky at all,thank me for coming over,tell me how much they need insherance.
It's all good,no negative vibe at all.
But when the next day comes.....well you can figure out the rest.
I am almost ready to ask for the voided check before I pitch from here on out.
Any suggestions ?

I like to try and blame everything on the state.

Me: okay, the only thing I need is a picture Id and a voided check. (Put my head back down and keep writing)

Them: oh can you call us back tomorrow, and we can give you the information then?

Me: well I really don't mind doing it that way however as a state licensed agent and because of the state regulations and hippa privacy clause I am unable to leave with all you information with out a conclusion to your coverage. What that means Mary is I need to have a voided check or bank statement with the completed app. Surely you have at least a bank statement laying around some where.

Works for me and will smoke out the ones that are going to just spin your wheels.