Is there a collections process if an insured makes a manual check payment and it returns for insufficient funds?
No. The collections process is only for recurring bank draft payments.
Yes. The collections process is for any check payment returned for insufficient funds.
It depends on if the insured pays the NSF fee or not.
There is only a collections process on the manual check payments that returns as NSF.
Where do you look to find out if there is an NSF on a policy?
on the Policy Info & Notes tab
on the Billing & Notes tab
on the Billing & Status tab
on the Premium & Billing tab
When does the collection process start?
The collection date to begin is a Thursday and hits the insured's account on a Friday.
The collection date begins on a Friday, the same day it hits the insured's account.
The collection date begins on a Wednesday and hits the insured's account on a Friday.
The collection date begins immediately after we received notification of the NSF.
Can the insured make-up the payment to stop the collections process?
No. We must collect the payment during the collections process.
Yes. The payment can be made after we have attempted at least once.
Yes. The payment must be posted prior to the date collections begins.
Yes. The insured must pay next month's installment as well.
Can the insured make-up the NSF with another checking account?
No because cash or credit is the only form of payment to make-up an NSF.
No because collections will attempt to collect the NSF through the bank account.
Yes because we prefer that the NSF is made-up with another checking account from a different bank.
Yes however we prefer cash or credit as the form of payment. Checking is a last resort.
Up to how many times do we attempt to collect the Face Value of a check returned as NSF?
Two times; starting the date collections begins and then the following Friday depending on if a payment is collected.
One time; starting the date collections begins and whether or not a payment is collected, we attempt the NSF fee the following Friday.
Three times; every Friday for 3 weeks.
None. The insured must make the payment with cash or credit.
When does our attempt to collect the NSF Fee begin?
When the premium is paid with cash or credit.
The Friday after the first attempt for the face value, regardless if it was collected.
When the Face value is collected or after the second attempt for the Face value, regardless if it was collected.
After the insured pays the premium and after the second attempt for the Face value.
Can the NSF fee be paid in cash or credit?
Yes, we can take the fee over the phone with credit card/check or insured can pay cash to the agent.
No, collections will attempt to collect the NSF fee through the bank account.
Yes, but it has to be paid through Money Gram.
No, insured must pay with NSF with another bank account.
What if the active policy is set to cancel on Monday and our first attempt to collect the Face value is this Friday?
The insured will have to make the payment before the policy cancels.
If Friday's attempt is successful, then Traders will reinstate the policy without a lapse.
The insured will also have to make next month's payment in order to reinstate the policy.
The insured must pay the NSF fee before the policy cancels.
What if the policy is cancelled and our attempt to collect the Face value is this Friday?
The insured must pay the NSF fee in order to reinstate the policy.
If Friday's attempt is successful, the insured will also have to make next month's payment in order to reinstate the policy.
The insured must pay the NSF and next month's payment in order to reinstate the policy.
