Monday, July 2, 2012

New Policy on Un-Cashed Stale-Dated Commission Checks


It is important for all Dealers to note that commission checks must be cashed within 180 days. Commission checks not cashed within the 180-day time limit are considered stale-dated and will not be processed by the company’s bank. In the past, AMSOIL has reissued stale-dated checks at no charge. As of August 1, 2012, AMSOIL will apply a yet-undetermined processing fee toward the reissue of all un-cashed stale-dated checks.

Before implementing this change, AMSOIL will credit back any un-cashed stale-dated commission checks more than 180 days old without charging a processing fee for the last time on July 1. This only impacts Dealers with un-cashed commission checks on file. Those Dealers will receive a check on July 15 for any un-cashed commission checks.

Beginning August 1, 2012, stale-dated commission checks will automatically be voided, a processing fee applied and the net amount credited to Dealer Accounts. Going forward, this will occur on a monthly basis.

To ensure Dealers receive all their commission payments, and to avoid the processing fee on stale-dated checks, AMSOIL highly recommends signing up for direct deposit. Direct deposit is now available for all Dealers. Having commissions deposited directly into a bank account offers many benefits for AMSOIL Dealers. Commission payments arrive faster than traditional mail, and it is not necessary to wait for a check to arrive in the mail and then have to take it to the bank for deposit. 

Because direct deposit is a more cost-effective payment method, AMSOIL is able to pay any commissions over $1. For Dealers continuing to receive paper checks, the commission check minimum is $10. Direct deposit not only ensures Dealers receive commission payments quickly, but they do not have to wait to accumulate over $10 to receive a commission payment. In addition, all commission reports are available in the Dealer Zone on the 15th of each month, and Dealers have access to this information right away rather than waiting for the mail. Email notification lets Dealers know AMSOIL has initiated their commission payments for deposit into their bank accounts. 

The future of business continues to move toward electronic payments, and AMSOIL encourages all Dealers to register for direct deposit in the Dealer Zone (located under the Services menu).