If a creditor calls you, tell them you are now with a credit counseling agency
and they should call 402-393-3100. Give them your client number and the name of
your account manager.
If the letters PIF appear next to a payment amount on your client statement,
our records indicate this creditor account is now paid in full. This means we will
not be sending future payments to the PIF creditor. Please review your
creditor statements very carefully to verify that the PIF amount did
indeed pay the account in full.Send us a copy of your billing statement if your
creditor stills shows a balance is due on the account.
End of Month Processing
If you need to make a change to your EFT payment, send WRITTEN NOTICE to us
no less than 10 business days prior to your pull date. Our fax number
is 402- 393-4141.After faxing, wait 30 minutes then call us to verify your request
has been received.
You money order or Western Union payments must be in our office by 10 AM July 20th
to be processed for end of month.NO personal checks, thank you!
Please be advised, in the event an electronic funds transfer (EFT) or bank account
has one of the following challenges, a charge will be assessed to your CA account.
Some Banks Are Making A Mint On Bounced Checks
What will happen if you have written several checks all the while knowing it is
going to be tight to cover all the checks at once?
If several checks arrive at the bank on the same day, some banks will sort through
the checks and process the check for the largest amount first.This greatly increases
the chance that you will be paying overdraft charges on the other checks.
Banks charge an average fee of $25.00 for each returned check. Yikes! That can hurt.
Most banks make no apologies for paying the largest check first. A Bank America
spokesman says, Customers have told us they want their largest checks paid
first.Chase Manhattan says, We feel the largest checks are the most
important to our customers so this has been our policy for years.
There are not any federal or state laws that tell banks which checks must be processed
first. There is no legal requirement to notify customers of the processing order
or changes in the processing order.
Banks make large profits on bounced check fees. A bad check costs a bank between
$.50 cents to $1.50 to process. Out of 173 million checks processed by banks on
a daily basis, 1.3 million are bad.
With gambling and casinos becoming legalized in many states, banks are seeing an
increase in problem bank accounts.
The bottom line is, it doesnt matter what order your checks are processed
in if there are not enough funds in your account. So make sure you have money in
your account to cover any checks.
(The whos who and the whats new in the creditor world of today!)
When you compare your billing statements each month with the client statement you
receive from us, do not forget to think about the creditors who no longer send statements.
It is not uncommon for a creditor to stop sending statements when an account has
been put on a debt management plan. These creditors can be subject to all of the
same changes in address, name, and account numbers as the creditors who send you
If you notice an office has moved, or a name has changed, please notify us.Many
businesses will continue to cash checks made out to their old name (ie: Norwest
and Wells Fargo) In many cases the first indication we receive that a creditor has
moved is when mail is returned labeled Forwarding Order Expired.Credit
Advisors needs to have any changes in place as soon as possible to prevent a delay
in payment posting.Our clients are the first link in the chain. We rely on you,
as active participants in the program, to report any changes you notice.
Here are some items to consider as you review your statements:
Please contact us if you have any accounts with collection agencies where the original
creditor is Amoco, Citgo, British Petroleum (BP Oil), American Express, Providian
Bankcard, or Citibank. We can get these accounts taken out of collections for you.
In the last month, some creditors have changed their requirements for proposals.If
a creditor advises you they do not have an accepted proposal on file, let us know
as soon as possible.Usually, it means they want us to send more information on household
budgets and other creditors involved.We are sending the additional information,
but if your creditor has more questions their reps may tell you they havent
received a proposal on your account.
If you receive a notification from a creditor that a balance is due on an account
that we show is paid in full, contact us immediately.This will allow us to research
the matter and verify the information. Since your creditors do not send us statements
on your account, we rely on you to help keep us updated.
Please e-mail, fax, or mail us copies of your creditor statements every three months.
Check out our bookstore for more great reading on how to save money.