Posted by Henry Davidson on 3/3/09 9:00am Msg #279290
Getting paid.
If you could receive a wire, no checks, for your payments due from a signing service/titleco., would it be helpful?
Would it be less hassle for you or more?
What if you got a free checking account at say Wells Fargo, B of A, or another large institution to get that wire?
What if the checking account came with a debit card to access the money free as well?
What if you could use your current bank to receive the wire?
Any thoughts?
Reply by Lee/AR on 3/3/09 9:08am Msg #279292
I wouldn't mind a no-cost-to-me WT of funds into my account. As for free checking account--might work for some; would be a PITA for me. Plus, if this idea were to 'catch on', it is conceivable that a notary would have waaay too many checking accounts in waaay too many places that are not used very much... PITA factor. Some large VM co. (don't remember which one) tried this a few years ago & I provided acct. info for WT. Never have gotten paid that way, tho'. Guessing it didn't work out for them.
Reply by Lee/AR on 3/3/09 9:11am Msg #279293
Actually, it was Direct Deposit that was tried by the VM. What IS the difference between a WT and Direct Deposit, anyway????
Reply by PAW on 3/3/09 9:42am Msg #279295
A "wire transfer" is a financial institution to another financial institution submission of funds where in the sending institution makes a deposit in the federal reserve and the receiving institution withdraws the funds from the fed. You can send wires from almost any federally regulated financial instution (and bank account) to most any other institution (and bank account).
Direct deposit is an ACH (Automated Clearing House) way of sending funds. Banks and financial isntitutions that are set up to do ACH transfers through NACHA (the electronic payments association that makes ACH work) send a batch of transfers, usually in the late afternoon, but depending on the load, may send batches more that once a day. ACH transfers are processed overnight and are then sent to the receiving institution.
A wire transfer is usually accomplished "same day", where an ACH transfer may take a day or two.
Banks and other financial institutions do not have to belong to any national associations to do a wire transfer. Banks and institutions and businesses must be a member of NACHA to do ACH transfers.
Wire transfers incur costs to the sender and receiver to process the transaction. ACH transactions are processed as a course of doing business, so it doesn't cost the end user individually since ACH transfers are batched together and processed in lumps.
Reply by Lee/AR on 3/3/09 9:48am Msg #279300
Thank you, PAW! n/m
Reply by Henry Davidson on 3/3/09 10:18am Msg #279308
PAW- Nice work...almost overkill my man!
Sue- "checks in the mail" stories dont happen here now....but we know they do elsewhere. No more days to wait and no driving to the bank.
jba- We do need account numbers to get the money to your account. Nothing to advertise...just trying to lead the pack.
Linda- Not lowering fees.....just trying to automate as much of this biz. as possible in the best way for all.
The real question is whether you would be willing to open a new account to work with this program of wire payments for services? Remember it would be a large national institution with free checking and free debit card.
Reply by PAW on 3/3/09 10:29am Msg #279312
So, Henry, let me see if I have this right. You are offering to wire the NSA fee to the NSA for an agreed to lesser fee amount. Add (or discount) the fee to NSA would be required to pay to receive the wire and lo and behold, the NSA has given up a healthy chunk of change.
For something like this, I suggest that the NSA never accept a wire transfer of funds simply because of the cost involved. However, if you have an ACH Routing/Transit Number already, then that would be the most beneficial way for the NSA. Of course, there would be significant overhead on your end to post the ACH payments. (Assuming also that the NSA banks with a NACHA member bank.)
Personally, I would rather get a paper check. Our invoice/billing system is set up to receive paper checks and write paper checks, except to those organizations where our bank has an interbank agreement.
Reply by Todd/OH on 3/3/09 4:37pm Msg #279368
There's no reason for anyone to have my account information. I wouldn't trust my neighbor with it. Just send me a check - on time.
Reply by CaliNotary on 3/4/09 3:30am Msg #279410
"There's no reason for anyone to have my account information. I wouldn't trust my neighbor with it."
Every check you've ever written has your account information on it, there's no harm in giving it to your neighbor or even Henry.
Reply by sue_pa on 3/3/09 9:45am Msg #279297
just mail the stinkin' check
Anyone who is running this as a business does not really care if the check arrives 3-5 days longer than direct deposit. The complaints aren't about that small time frame but the companies that are paying at 45+ days ... and the "check's in the mail" stories.
Reply by Lee/AR on 3/3/09 9:49am Msg #279301
Amen that, Sue! n/m
Reply by jba/fl on 3/3/09 9:59am Msg #279303
Re: just mail the stinkin' check
You don't need my account numbers. You put in, you take out. Not going to happen unless I have full time employment, for ex. Otherwise - just as Sue says.
What cha advertising now Henry?
Reply by Linda_H/FL on 3/3/09 10:06am Msg #279305
I wouldn't mind being paid through wire transfer or
direct deposit...or even the check - wires or direct deposit would be quicker and would eliminate the hassle of having to run to the bank (for me, I'm not always near a bank)..I'd only be concerned about my account numbers being out there.
HOWEVER...that being said - I would not agree to a discounted fee for the "privilege" of getting paid through wire transfer or direct deposit. AND, the information would be for deposit only - entities would not be authorized to draw funds back out..
Oh...almost forgot - I already get free checking...
MHO
Reply by Henry Davidson on 3/3/09 10:20am Msg #279309
RE Getting paid.
PAW- Nice work...almost overkill my man!
Sue- "checks in the mail" stories dont happen here now....but we know they do elsewhere. No more days to wait and no driving to the bank.
jba- We do need account numbers to get the money to your account. Nothing to advertise...just trying to lead the pack.
Linda- Not lowering fees.....just trying to automate as much of this biz. as possible in the best way for all.
The real question is whether you would be willing to open a new account to work with this program of wire payments for services? Remember it would be a large national institution with free checking and free debit card.
Reply by Teresa/FL on 3/3/09 10:25am Msg #279311
So are you going into "partnership" with a certain bank
and only persons who agree to open up an account with this bank would be eligible for this service?
Reply by jba/fl on 3/3/09 11:04am Msg #279315
Re: So are you going into "partnership" with a certain bank
I should have put my last post here--one of my initial thoughts also. Partner brings a customer base, theoritically...
Reply by MichiganAl on 3/3/09 12:08pm Msg #279328
Yeah, that's what I'm smelling too
There's an angle somewhere. Always is.
Reply by Lee/AR on 3/3/09 10:53am Msg #279313
Re: RE Getting paid.
Henry, you keep emphasizing 'free' checking & debit card (which I assume nearly everyone already has), but the real question is: What is this here now WT going to cost US to make your life easier?
Reply by BrendaTx on 3/3/09 1:07pm Msg #279347
Re: RE Getting paid. Right Lee.
Free checking and free debit ... somewhere it profits the issuing bank.
They can send you insurance policies so if you die, they pay a beneficiary a small amount plus collect $2000 by partnering with insurance companies...there's that word "partner" again.
They can hit you with over draft fees if you use your free debit if the account is down. They can earn fees from that debit card if you use it as a charge card.
New marketing lists for their "partners" or for themselves.
No bank offers a service if it isn't profitable as a whole.
Just write a check.
Reply by Linda_H/FL on 3/3/09 11:16am Msg #279316
RE: Getting Paid
"The real question is whether you would be willing to open a new account to work with this program of wire payments for services?"
No - I like my local bank, already have free checking - if the signing fee is adequate the wire fee is incidental...MHO
Reply by BrendaTx on 3/3/09 12:53pm Msg #279341
Re: RE Getting paid.
*The real question is whether you would be willing to open a new account to work with this program of wire payments for services? Remember it would be a large national institution with free checking and free debit card.*
No.
I have an account or two.
New accounts are unnecessary. Just pay the notary. The notary doesn't need a newer mousetrap to replace the perfectly good one.
Paul's right. Somewhere someone is going to pay for the transfer fee.
To HD - "Overkill"?. No. Not from Paul. He gave an informative post..."overkill" is getting another financial institution in the mix where it isn't needed for however many notaries you are paying.
"Automate"? Get a checking account that will send out checks to mail boxes...the snail kind.
Reply by PAW on 3/3/09 10:22am Msg #279310
Re: I wouldn't mind being paid through wire transfer or
You may have 'free' checking, but you may need to check on the fees your bank charges to receive a wire. Commercial bank accounts are different than individual personal accounts, so the fee may be different. If you do a lot of wires, the bank may even give you a break on the fee, at least for commercial accounts.
For example, BofA charges $25 to the sender and $12 to the receiver of a domestic wire transfer. Substantially higher for international wire transfers, especially if currency conversion is done.
Reply by jba/fl on 3/3/09 11:02am Msg #279314
Re: I wouldn't mind being paid through wire transfer or
Something just doesn't compute here. Wire transfers cost both sides, so doesn't matter which institution one uses, cost is still there.
ACH transfers free, both sides, and again - why would I want more accts than I already have? Just a transfer acct, so that's like Paypal, which is cheaper for the sender, -0- for receipiant.
There is more than meets the eye here.
BOA: not with their customer service record. They are on the way out, or... Wells Fargo: already have since they bought Wachovia and others Advantage: where ???
Goes back to: If it looks too good to be true, it probably is.
Reply by PAW on 3/3/09 12:27pm Msg #279335
Re: I wouldn't mind being paid through wire transfer or
>>> ACH transfers free, both sides, and again - why would I want more accts than I already have? Just a transfer acct, so that's like Paypal, which is cheaper for the sender, -0- for receipiant. <<<
ACH is not free to either side. Each side is billed a fee for transaction processing, but the fees are for membership and batch processing, so an individual fee for one particular transfer within the batch would be difficult to determine. Direct Deposit is an ACH transfer that does not require you to have a special account. The funds may be transferred from bank to bank, but the target account would be either your checking or savings account. Since ACH transfers take less human intervention to process, banks prefer them and often provide discounts on accounts that receive direct deposits. Just about all national and regional banks are NACHA members. That's how banks transfer funds within their accounts, such as payroll accounts.
I personally do not see BofA being on the way out. As for Wells Fargo, it was bigger before the Wachovia acquisition. WF is a national bank, Wachovia was a regional bank.
Reply by BrendaTx on 3/3/09 12:59pm Msg #279342
Re: I wouldn't mind being paid through wire transfer or
Paul, You are being too clear...cutting through the murk.
As Alex said...there's always an angle.
Perhaps HD is just bored today. If I were him I'd get a bank account that would cut and mail checks for free...if he really just wanted to automate...set up the notary as the Payee...send it on. Repeat as necessary. It's easy to write checks that way. If something else happens on the other end, I don't know about it yet. Saves me stamp money, and yes...my payments go out to other than just big companies. For instance, my HOA assn...small potatoes locally. 'Course, I don't know everything.
Reply by PAW on 3/3/09 5:09pm Msg #279372
Online banking is great for individuals and small businesses
In all honesty, I probably have not written a single check to pay for any services, other than the checks necessary for Apostille processing. I pay my vendors with online banking. And if their account is not set up for bank-to-bank processing, the bank prints out a check and mails it to the vendor. I don't even have to pay postage. It is a service the bank provides to me for allowing them to use my money.
Reply by BrendaTx on 3/4/09 7:39pm Msg #279530
Re: Online banking is great for individuals and small businesses
*And if their account is not set up for bank-to-bank processing, the bank prints out a check and mails it to the vendor. I don't even have to pay postage. It is a service the bank provides to me for allowing them to use my money.*
Exactly.
Reply by Derrick/MT on 3/3/09 11:18am Msg #279317
How about use paypal. no need for you to have multiple accounts. No wire fee charges and no sharing of account information.
Reply by Linda_H/FL on 3/3/09 11:20am Msg #279318
I have a PayPal account but don't use it much - not sure all the ins and outs and how it all works...but if this info is accurate I like it!!
Reply by PAW on 3/3/09 12:34pm Msg #279336
I have two PayPal business accounts and there is a transaction fee to receive money. With personal accounts, I don't believe there is a transaction fee for PayPal to PayPal transfers or eChecks, but for credit accounts, there is a transaction fee as well as a limitation on how many transfers your account can received without the account being considered a business account.
https://www.paypal.com/fees
Reply by LKT/CA on 3/3/09 11:30am Msg #279319
<<<<If you could receive a wire, no checks, for your payments due from a signing service/titleco., would it be helpful?>>>>
Yes, it would be helpful.
<<<<What if you got a free checking account at say Wells Fargo, B of A, or another large institution to get that wire?.....What if the checking account came with a debit card to access the money free as well?>>>>
I would not open another checking account.
<<<What if you could use your current bank to receive the wire?>>>
That would work as my credit union does not charge me for incoming wires. Wamu (soon to be Chase) charges $10 for incoming WT's. I have a merchant account through Google Checkout and would consider using that as the fee is only 2% + 20 per transaction, which amounts to about a few dollars.
Reply by MW/VA on 3/3/09 11:46am Msg #279322
What if--what if--what if. WHAT IF you stopped coming up with new ways to get your name on this board without it being deleted as advertising?
Reply by jba/fl on 3/3/09 11:55am Msg #279326
Thanks MW! n/m
Reply by BrendaTx on 3/3/09 1:01pm Msg #279343
Re: Thanks MW! Ditto! n/m
Reply by Henry Davidson on 3/3/09 11:58am Msg #279327
jba- we have many partners but not one specific for this purpose Lee- it will not cost anything to take in the wire...or use the card/account. I do not think people would do it if so Linda- Thanks for your vote...your bank only. PAW- incoming fees at individual banks is a hurdle...should be consolidated at one bank..may end up at paypal. Derrick- Hmmmm..... LKT- sweet and thank you. MW- I love this place because of people like you. You are a tremendous help here and asset to this discussion... thanks for chiming in.
HDD
Reply by MW/VA on 3/3/09 12:10pm Msg #279329
Yes, sounds like you're polling for a new business concept.
Reply by SharonMN on 3/3/09 12:46pm Msg #279338
I wouldn't open up a special bank account for this - too much work to keep track of multiple accounts. I wouldn't provide my existing bank account information except to an established company I already get a lot of business from. It would be far too easy to get phished by someone posing as a signing service.
Reply by MistarellaFL on 3/4/09 6:44am Msg #279413
Blah blah blah blah blah.
Reply by 101livescan on 3/3/09 1:19pm Msg #279349
I had a mega million dollar signing last week, the closing agent asked for wiring instructions to be pay my signing accommodation fees out of funding at close of purchase escrows. Sweet! I could get used to this.
Reply by Dawn/PA on 3/3/09 2:34pm Msg #279355
If cutting a check from your office is too much trouble, why not consider using bill pay from your bank? I think most banks have it - and I "think" most are free nowadays - could be wrong there, though. I have at least two companies that I can think of off the top of my head, that pay me that way.
Reply by sue_pa on 3/4/09 7:14am Msg #279418
101livescan, are you saying you'd give priority to a client who wires your money on Tuesday over a client who mails it and you receive it on Thursday?
I fail to see what it is this guy wants to give us. If they pay promptly, what does a day or two extra have to do with it?
Reply by Henry Davidson on 3/4/09 8:56am Msg #279428
MW- Your almost there....looking for feedback..not for a new business "concept" but a new "process" to find the easiest way to get money to the notaries and not have my staff manually sending/stuffing hundreds of checks every2 weeks....you may be there now. SharonMN- No Phishing...IE random emails asking for bank info...you would obviously have direct contact from our firm... Mistarella- Your just awesome all together...thanks for hanging out. 101Live- What are you doing here?....your brain looks too far forward for this. Thanks for sharing your experience and I appreciate that your larger deal was already structured in some similar fashion. DAWN- You may be the winner.... Sue-PA-I dont want to give you anything extra or reduce fees in any way...I am simply looking for the best way to get the notaries paid.
Thanks all.
HDD
Reply by BrendaTx on 3/4/09 9:48am Msg #279433
Henry said, "101Live- What are you doing here?....your brain looks too far forward for this. "
Please understand that we do read between the lines (hard to miss) and we realize you have no faith, respect or real interest in the opinions of readers and posters here...hence, little faith and trust is placed in you.
If you want the respect of this board perhaps it should be given.
It’s very simple to see that you are playing the angles for Henry. It’s not about the notaries.
If you want to be a part of the board’s community, then be a member of it, not a solicitor, not a smarmy signing service owner asking the questions to get the feedback YOU want. We are not conned by nicey-nice SS owners. They are hiring entities when they post about their businesses here…not buddy-buds.
The saddest thing is when an SS owner (unlike Sylvia) rides in to fluff our pillows and whisper to us about how they can make our lives better by building their own business. Just go back to work already and get more work for your vendors. We get it.
Reply by MistarellaFL on 3/4/09 10:11am Msg #279438
Well put Brenda. n/m
Reply by CaliNotary on 3/4/09 2:22pm Msg #279490
You are so full of &$%! Henry
"Your almost there....looking for feedback..not for a new business "concept" but a new "process" to find the easiest way to get money to the notaries and not have my staff manually sending/stuffing hundreds of checks every2 weeks....you may be there now."
This is obviously about more than just just trying to save your employees the hassle of mailing checks. Unless you're a complete and utter idiot, you know that every signing agent on this board already has a bank account set up, so there would be no reason for us to have to open a new one simply to receive payment from you. So yes, it's pretty damn obvious that whatever little scheme you're trying to put into motion is about you and some bank, and not about us or your staff.
But you go right ahead and keep telling yourself that you're smarter than us. And we'll go right ahead seeing you as the snake oil salesman you really are.
Reply by BrendaTx on 3/4/09 2:25pm Msg #279493
Calinotary - that's what I was trying to say! You said it
better.
Reply by Christine Pardo on 3/4/09 9:06am Msg #279431
How about this? You pay us upon services rendered via paypal. No billing , no invoicing, no chasing, phone calls , emails, etc. Easy to set up. You place order. I do signing and ship. I sent email with tracking number and link to paypal. heck- even my doctor wants my portion of my visit fee up front.
Reply by Henry Davidson on 3/4/09 3:39pm Msg #279513
Solution. The end.
Brenda- Glad you can read between the lines...your brilliant. there is absolutley an angle for our service....to stop stuffing hundreds of envelopes every 2 weeks... but everyone is out to get you....look out! Cali- try to wrap your mind around the idea of closing over 1000 loans per month and working with hundreds of independant contractors every two weeks....how long would it take you to send out 575 checks to individual contractors...every two weeks....probably 3 days...just to do payroll....but your right...theres someone trying to get you...again...
Thanks to all for comments...We have our answer...the solution is in the works....it is not with any individual institution....the conspiracy theorists are wrong...but they will still think there was some motive....and I will still think they have nothing better to do than monitor this hall...go pet your cats some more~!
.thanks all for your comments..they are appreciated....
Reply by CaliNotary on 3/4/09 3:54pm Msg #279514
You're still full of crap
If you were simply trying to eliminate the need to mail checks, there would be no reason to ask questions about it on this board, especially with the level of detail you included. It's not like the concept of direct deposit is remotely new, I had a job where I got paid that way in 1990. If you wanted to offer it, you'd offer it, you wouldn't need a poll to decide if it's worth it.
There's no conspiracy theories going on here, it's simply you doing the same crap you've been doing on this board for years and we can see it coming from a mile away.
Reply by BrendaTx on 3/4/09 4:15pm Msg #279516
Re: Solution. The end.
Poor Henry - try a check writing service. Five hundred checks is nothing for them to spit out and mail.
They can have it out in a snap. Those types have been around since 1994 that I personally know of.
Like Cali - I had direct deposit long, long ago. In fact, my daddy had direct deposit in the 70’s.
Focus more on getting your business organized and less on scheming how you can build an affiliate partner business with banks where you can earn a commission for each bank account you refer to the financial institution while (not) convincing notaries they need a special bank account that you can pay them through.
Many ways to automate without a ripple of new accounts being created just so notaries can work for you. Do a little research.
