Noteworld’s Trust Account Keeps Customers’ Money Safe

Oct. 14, 2010 - PRLog -- NoteWorld Servicing Center, a leading servicer for seller finance accounts and debt settlement account payments, ensures that their customers’ money is safe by holding their customers’ funds in a trust account, backed by the Federal Deposit Insurance Corporation (FDIC). NoteWorld firmly believes that as a company, they do far more than any of their competitors to ensure that their customers’ money is protected, secure and accurately accounted for each day. With NoteWorld, every customer controls where and when their funds are distributed.

In the commentary to the new Rules released Thursday, July 29, 2010, the Federal Trade Commission (FTC) recognized the important role that intermediaries, such as NoteWorld, play in helping Debt Settlement Company (DSC) customers pay off their debts.  NoteWorld has been handling consumer funds in its trust account, and providing account management and transaction processing services related to its trust account for over 30 years.  As such, NoteWorld already is in full compliance with the FTC Rules that allow customers to place funds in an account to be used for their DSC fees and for payments to creditors in connection with debt settlement programs.

As a company that is focused on customer service, NoteWorld works to give their customers the best tools and safest options to reach their goal of becoming financially debt free.  With a trust account, the money that customers deposit is guaranteed safe.  Each customer’s funds are separately insured and no transaction regarding these funds is processed at any time without a contract signed by, or permission granted from, the customer.  The DSC which the customer has hired to negotiate their debt has no rights to the customer’s money and at no time can make decisions regarding the funds, other than as set forth in the contract between the customer and the DSC. If a customer at anytime wishes to withdraw their money from the NoteWorld trust account, they have the sole right to do so, no questions asked, and all funds will be returned to the customer within 72 hours at no cost, with exception of any previously agreed to fees.  

As a third-party payment servicer, NoteWorld only services payments according to written contracts.  A customer who chooses to use NoteWorld benefits because they can deposit money into a safe and secure trust account, and accumulate those funds which NoteWorld will disburse to a creditor at the appointed time. NoteWorld does not negotiate a reduction in debt for customers and is not bound by a contract to any debt settlement company.  

Since it was first established over 30 years ago, NoteWorld has secured their customers’ funds in a trust account with the certainty that this is the safest way to hold their customers’ money.  Within this trust account each customer’s money belongs to them individually, at all times.  The NoteWorld trust account, into which the customers’ funds are deposited, meets the requirements of the FDIC and insures each individual’s funds up to the maximum amount.  This NoteWorld account is a non-interest bearing trust account at one of the nation’s largest commercial banks and all funds held are completely segregated from NoteWorld’s own operating funds.  Additionally, NoteWorld holds no financial stake in its bank making it completely separate and impartial from both the bank and the DSCs.  

NoteWorld’s commitment to safe and secure handling of money is demonstrated by its tolerance for rigorous and frequent audits of its trust accounts, internal policies and procedures, business practices and overall strong financial health. NoteWorld is mindful of its obligation to maintain clear and accurate records of its customers’ funds and takes this responsibility very seriously. To fulfill these obligations to the depositors, NoteWorld completes a day-end balancing protocol each day to ensure that the information entered in the NoteWorld customer database was posted correctly. NoteWorld also conducts a bank reconciliation protocol each day to verify that the information in the NoteWorld customer database reflects the same information recorded by the bank.

Further supporting the strength of the company and the safety and security of customers’ funds, NoteWorld is proud to be one of only 19 companies to hold the elite status of being licensed as a money transmitter in more than 33 states.  NoteWorld has been registered with FinCEN as a Money Services Business since 2007 and has implemented an Anti-Money Laundering program, which includes OFAC screening for every new account and, for all accounts, at least quarterly thereafter; training of all new hires, annual refresher training for all employees and annual independent audits of its AML Program.  NoteWorld is compliant with federal and state privacy laws and is registered to do business in all 50 states and the District of Columbia. Annually, NoteWorld submits to a financial audit and a trust account audit, both of which are conducted by an independent certified public accounting firm.

For more information on NoteWorld Servicing Center please visit us at www.noteworld.com.

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In business for over 30 years, NoteWorld Servicing Center is a premier servicer of contract payments. A privately owned company specializing in trust account management, NoteWorld is committed to providing safe, accurate and secure payment services allowing customers to achieve financial goals. One of only 19 companies in the nation licensed as a money transmitter in more than 33 states, NoteWorld’s substantial licensing and bonding, frequent and rigorous audits, proprietary technology and in-house customer service sets the company above its competitors.