Monday, May 2, 2011

Question Of The Day | Are Nationwide Biweekly Administration Plans Legit Or A Scam?

Today’s post is an explanation of articles you may have seen or run into when you do a search on Nationwide Biweekly Administration. It is amazing how a hand full of people, who have not fully researched a company, can post a blog on the internet and misrepresent them. I find these articles to be as believable as the national enquire and have very little solid information to back them up. With this said I have “legit” research to back up everything that has been said (see below) and to prove that Nationwide Biweekly Administration is NOT A SCAM.


First point I want to go over is the way NBA may market to potential customers. Some of you may have received a letter with the name of your lender on top that explains how Nationwide Biweekly Administration can save you money on your mortgage with their interest minimizer program. This letter is not intended to “trick you”. The reason why your lender is on the top of the page simply shows you that NBA administers the program to your lender as well as over 5,000 other lenders. If you so choose to call you will be connected to their customer service departments which can run a savings analysis report on your mortgage or any other type of loan you are trying to pay off early.

The second point I want to make is the trust issue with NBA. If there is any biweekly program company that you can trust with making sure your payment is applied properly and on time, it has to be NBA. Why do I say that? Well first they are one of the nation’s largest and most recognized independent processors. They are fully licensed, bonded, and registered with FinCEN – the Financial Crimes Enforcement Network – as a Money Services Business. On top of that they are also listed with Dunn & Bradstreet and the Better Business Bureau.  But what I really find interesting is they are the only biweekly company that has been independently audited by the C.P.A. Firm of Flagel, Huber, Flagel, & Company. As you can see in this video they earned a Gold Seal of Approval documenting that their savings estimates are accurate, funds are protected by FDIC Insured Banks, client’s funds are being remitted to lenders accurately and timely, and their program operates as indicated in contracts. To top off any more trust issues you may have, their corporate office is located in the State of Ohio and is audited annually by the State to ensure strict compliance to all State and Federal Regulations.  All payments are securely processed through the Federal ACH Banking System, and enjoy protection under Regulation “E” of the Federal Reserve.  Under Regulation “E,” funds debited from your account are protected against fraud or loss for a period of 60 days from the drafting date. You are completely protected & have nothing to worry about with Nationwide Biweekly Administration.

My last point that will be covered pertains to the articles on how biweekly programs are nothing but a scam or something that you shouldn’t need to pay someone to do because you can do it yourself. For the sake of these articles I am going to sum it up for you and assure you that biweekly programs are NOT a scam. You see, in a perfect little world we would do everything ourselves. In the morning we could jump right of bed into our workout clothes and hit the weights for 30 minutes. Then we could hurry up and cut the grass before heading into work. During lunch we could rush home and change our oil. Then once the work day is finished we could clean the pool out and maybe even give the dog a bath and a quick trim. Sounds ridiculous doesn’t it? It’s a good thing that we have people that can actually help provide us with convenience, discipline, and structure so we can stay on track and not have to do everything on our own.  This is how I see what a biweekly program can do. Of course this is something that every one of us can do. How simple can it be to make an extra payment a year? Well I guess not that simple since less than 1% of Americans prepay their mortgages every year. Lets be honest, if anyone of us had extra money that equaled our mortgage payment I doubt that making an extra payment towards it would be the first thing on your list. So if you think that Nationwide Biweekly Administration is a scam then so is your personal trainer, lawn cutting service, guy that changes your oil, pool boy, and dog groomer. These are all helpful services that are provided for those who want them. If you would like to talk about scams go ahead and check how much interest you will be paying your bank once you pay off your loan. I guarantee you will be giving them thousands of dollars more then you would ever give a company that provides a biweekly program.

I hope this sums up some of the articles you may have read and would love to see some POSITIVE comments on how using a biweekly program has help you out.  Nationwide Biweekly Administration



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