Impromptu Closing Discussion – Behind the Scenes

Just had an impromptu conversation in our office with my son on how we get the checking account information on the E-apps that we do on a daily basis in here. One of the highest potential stress points in the application process can be when you ask for the checking account information. If you lay the proper foundation before even starting the application, it won't be a concern IN the application at all. Some takeaways... The video: Don't say, "Go get a blank check!" Do say, "They use the secure, direct deposit system that's now mandated by Social Security for their payments, too. Very safe." Do say, "You don't even have to mail in a payment, the secure direct deposit system just needs your nine digit routing number, found on the bottom left side of any check that you might have lying around. It's very, very safe to set it up with direct deposit." If I have someone that is very adamant that they do not want to give out this information, I'll remind that in March, 2013, Social Security mandated that ALL benefit checks be delivered via secure direct deposit because of IDENTITY THEFT that has become a real problem. Identify theft caught on so quickly because people would send checks through the mail! Criminals could easily intercept these checks, take your information off of the checks and steal money from your account. That cannot happen with secure direct deposit. See: https://www.ssa.gov/deposit/ See: Check washing takes place to the tune of $815 million every year in the U.S. See: Police: group stole $200K worth of checks from mailboxes

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