Posted by pronotary1 on 8/20/07 10:32am
Msg #206570

Is Direct Deposit an Option?

I want to ask for feedback regarding a long-standing problem in the notary signing industry. In particular the circumstance of non-payment to notaries who complete signing assignments, for signing, mortgage, and escrow companies. My suggestion to solve this dilema is, direct deposit. Signing companies, mortgage companies etc, should in thier application offer direct deposit as an option for their subcontracted signing agents. In this way, it will alleviate the delay in turn-around time for notaries being paid. I would appreciate your feedback on this thread pro or con.


Thanks


Irvin

Reply by ToniK on 8/20/07 10:36am
Msg #206573

It would be nice but if they cant send out checks on time what makes you think they can do a direct deposit on time?

Reply by Ilene C. Seidel on 8/20/07 10:37am
Msg #206574

They can take as well as pay, don't let anyone have access to your acccounts

Reply by Charles_Ca on 8/20/07 10:44am
Msg #206575

Re: Is Direct Deposit an Option? SS who don't pay

promptly have learned that they can finance their operations on the backs of their notaries. Until notaries can stop taking low ball signings and allow the SS to get away with slow payment this practice will continue. Unfortunately there are many hobbyist notaries who make a little on the side apart from their regular income and don't care that these companies continue with their shoddy practices as long a they eventually get paid. There is no incentive for SS to pay more promptly as they get what they need and notaries created by many of the notary classes are presented with the SS model as the only alternative.

Reply by ToniK on 8/20/07 10:53am
Msg #206576

Re: Charles CA

Well not all the SS lowball their notaries. I have gotten my standard fees and still havent gotten paid. I dont think it has to do with lowball fess rather that the SS never intended to pay notaries whether they low ball them or give them reasonable fees. Also I dont like how many notaries are considering some notaries fees as low. What you charge is different than what others charge and can be set by many different factors. Cost of living in certain areas are obviuosly higher than others.

Reply by Charles_Ca on 8/20/07 11:10am
Msg #206580

Frankly I fail to see what the difference is...

If an SS fails to pay isn't the net effect on your business the same or worse than taking a lowball fee? If an SS fails to pay timely, isn't the net effect the same as a lowball fee: what do you think is the time value of money? Many notaries have no idea of the concept of time value of money and many SS take advantage of that. While there are differences in the cost of living what profit margin did you decide on for your business model? You are right, there are many consideriations that go into making a decisison on what to charge, I never suggested that you were a lowball notary, did I hit a nerve accidentally?

Reply by Leslie Lamont on 8/20/07 11:32am
Msg #206592

Re: Charles CA

How did you "get your standard fee, and not get paid?" I think "$0.00" is a pretty 'lowball' fee. If they don't intend on paying you, they will agree to ANY fee! Some of these guys are just thieves.

Reply by ToniK on 8/20/07 12:11pm
Msg #206599

I cosign Leslie

that is what I was getting at...no matter what your fee is if they dont intend to pay it doesnt matter if they pay low ball fees or agree to your standard fee.

Reply by Les_CO on 8/20/07 2:36pm
Msg #206642

Re: I cosign Leslie

EXACTLY!!!
But some of these SCUM, not only have NO intention of paying you (the Notary that does the actual WORK!) They would like to CHARGE you for the service! Think about what you would like to do/say to these thieves after you've been 'burned', AND SAY IT FIRST! There ARE legitmate SS's, and Title Co's out there! They DO NOT MIND if you ask questions. They WELCOME it! Only the flakes say "we pay in 90 days, or 5 days if you signup and PAY US...for an 'up front fee' of $100, Ect.! ! PHONIES! LIARS! CROOKS!
ANYONE THAT ASKS YOU (the signing agent) FOR MONEY IN FRONT is a THIEF waiting on a "mail fraud charge!"
Get their information, document it (as best you can) and SEND it to the Attorney General in your State. ALL Title (insurance) Companies, Notaries, and Real Estate Agents, are REGULATED BY LAW in EVERY State. Let's get rid of the SCUM that taints our business, and our position as Commissioned Public Officials of the State!

PS: You scum... I'll be sending your info to the Attorney General!

Reply by MistarellaFL on 8/20/07 2:49pm
Msg #206649

SS Burnout, Les? n/m

Reply by Les_CO on 8/20/07 8:10pm
Msg #206718

Re: SS Burnout, Les?

How did you guess?

Reply by Linda_H/FL on 8/20/07 11:06am
Msg #206578

I agree with Toni & Ilene - giving account info is a bad idea and, if the company can't (or won't) mail a check on time they certainly won't wire money to you (at an additional fee, I might add) in a timely manner.

IMO (and note this is JMHO) the ONLY way to guarantee payment and stop having to chase your money is (a) payment up front via PayPal or overnighted cashier's check prior to signing...or (and boy am I gonna get it for this...<<Ducks>> (b) payment at the table from the borrowers. I personally think (b) puts the notary in more control of the issue...notary collects full fee at conclusion of signing, half fee if borrower says I'm not gonna sign, or if they rescind during the 3 days (if applicable) notary's full fee has been paid.

I know option (b) probably will never be put into play, but over the last year of reading the complaints and experiencing the non-payment issue myself I've wondered if that wouldn't be a more viable alternative. Heck...my contractor doesn't do squat on my house til I give him a check.. I don't walk out of the store with my groceries until I've paid the Cashier. and notaries don't notarize individual docs while doing general notary work without being paid up front...why not loan signings too?

Again...all JMHO and Okay..I'll hush up now...

Reply by Charles_Ca on 8/20/07 11:14am
Msg #206582

Re: Is Direct Deposit an Option? Linda, I wnet back and read

every post that was made on Notary Rotary a while back and one of the things that struck me most ws that the issues never change only the notaries do. The same problems we are discussing today were the hot issues 5 years ago. Things aren't going to change as long as there is no unity of purpose among notaries. I assure you that notaries who have organized notary networks enjoy a much better business environment then others.

Reply by Linda_H/FL on 8/20/07 11:37am
Msg #206593

Re: Agreed, Charles... n/m

Reply by wyse/va on 8/20/07 11:18am
Msg #206584

I really like your idea take the money up front so we don't have to chase the signing companies lets all do this and they are going to have no choice to pay us upfront

Thanks

Reply by Charles_Ca on 8/20/07 11:23am
Msg #206589

wyse/va I believe that is the key,"lets all do this"

after all appraisers get their money upfront as do many other contractors. The problem is that everyone has do it, if a significant amount don't then those who do may have problems getting work.

Reply by qmriley on 8/20/07 11:31am
Msg #206591

I do have one company do direct deposit never had a problem in 2 years

Reply by Les_CO on 8/20/07 11:51am
Msg #206594

I would doubt if there are many Title Companies that are set up for "direct deposit." Wire Transfer..yes. And I'd bet there are NO SS's set up with "direct deposit". If they DO PAY (?) they want to keep your money as long as possible. These companies that maybe pay in 90 days I consider DEADBEAT. If you take out the $40 charge to wire the $ into your account, and the $40 your bank charges it receive the 'wire,' you won't have much left. Much better (and easier) just to say no to the flakes, and trust those that have paid you in the past. If you stay in this business YOU WILL GET BURNED! It's the nature of the beast. Just don't let it happen twice. And it it happens once SHOUT it from the rooftops!