Meracord News
NOTEWORLD CHANGES NAME TO MERACORD
Tacoma, WA, January 9, 2012
NoteWorld LLC dba NoteWorld Servicing Center®, a leading provider of third-party payment processing services, proudly announces that it is changing its name to Meracord LLC. Providing payment processing services to more than 100,000 customers, the change in name marks a milestone in the company’s rich history as it expands into other markets, building on experience and knowledge gained from 31 years in the business.
Founded in 1979, NoteWorld Servicing Center has since established a reputation for excellence in payment processing. During the course of the company’s history, NoteWorld has introduced a variety of service offerings in an ongoing effort to meet the evolving needs of its valued customers. As an objective third party to a contract, NoteWorld processes payments with a commitment to accuracy, security and transparency, no matter how complex the payments may be. The new name comes after significant growth in which NoteWorld has expanded from servicing seller finance and debt relief payments, to processing payments for an expanding variety of business types.
“Changing our name to Meracord was a very involved process but we felt our name, NoteWorld, no longer adequately represented our business, our products and expertise. Taking from the words ‘merit’ and ‘accord,’ Meracord is a name that truly embodies our company’s passion for integrity and honor, values that represent our company’s philosophy of setting a higher standard with our customers’ best interests in mind,” said Linda Remsberg, CEO and President of NoteWorld. As Meracord enters new markets, the focus will be to continue offering products that provide protection, transparency, and ease to the parties who have entered into a written contract requiring payment services. With Meracord’s dedication to helping contracted parties keep their payment promises, customers can feel confident that payments they’re making on a financial contract or promise are being handled safely and securely.
While the company will have a new name, there will be no change in management or ownership and Meracord will maintain all current customer and client accounts. Meracord’s sales process, account boarding process, payment processing, call center and financial and legal systems will continue to support the products needed in the marketplace for contractual payment services.
Watch for other exciting announcements from the Meracord team, as they continue to produce new products and services for payment processing and the contractual payment services industry. For more information about NoteWorld and Meracord visit www.meracord.com.
NOTEWORLD SPONSORS EVOLUTION 2011 DEBT RELIEF CONFERENCE
Tacoma, WA, July 13, 2011
NoteWorld Servicing Center is proud to announce it will be a major sponsor of the Evolution 2011 Debt Relief Conference at the M Resort in Las Vegas, Nevada on August 21st-23rd. A premier third party payment service provider, NoteWorld believes Evolution 2011 is a key event for education and advancement of all companies involved in debt relief, including credit repair and legal services. NoteWorld will host an exhibitor booth located in the main exhibit area with representatives ready to answer questions regarding their services and products. NoteWorld CEO, Linda Remsberg, will also give a 20-minute presentation during the NoteWorld-sponsored dinner on August 22nd at 6:30pm.
Like many companies in the debt relief industry, NoteWorld is evolving to better serve its clients and customers and to capitalize on new business opportunities. In the past year, many businesses involved in debt relief have diversified into new lines of business, including loan modification, debt counseling, foreclosure defense and legal services. With this, NoteWorld expanded its services to continue growing with client and consumer needs. NoteWorld offers accurate servicing for nearly any type of complex payment including, but not limited to, legal fees, debt settlement contracts, rental contracts, personal loans and real estate loans. Vince Bianco, Executive Vice President of Sales said, “NoteWorld started processing payments over 30-years ago and continues to serve consumers with world-class payment processing services. We look forward to the many years ahead, serving our customers in the many facets of the debt relief and legal services industries, while providing the best customer service and technology.”
NoteWorld takes pride in offering the best possible products and services to its customers. NoteWorld offers top-of-the-line reports, multiple payment options and 24/7 account and transaction information. In addition, NoteWorld takes significant steps to protect its clients from risk through stringent fraud prevention policies and account balancing and reconciling on a daily basis. NoteWorld is the only company operating in compliance with money transmitter laws in the industries it serves.
For more information on NoteWorld, stop by the NoteWorld booth at Evolution 2011 to speak with a representative.
NOTEWORLD ANNOUNCES THE PROMOTION OF DANIELLE KIERSZTYN TO EVP, GENERAL COUNSEL
Tacoma, WA, April 4, 2011
Danielle Kiersztyn was recently promoted to Executive Vice President, General Counsel at NoteWorld Servicing Center. As EVP, General Counsel, Danielle will be a strategic advisor to the company as she continues to lead the Legal and Compliance Department at NoteWorld. Danielle’s role will become more outward-facing as she works to increase awareness of the company’s value and integrity in our current and future markets. She will consult on new business opportunities and work very closely with Marketing and Business Development to provide legal support.
Danielle joined NoteWorld in 2008. Under her leadership, NoteWorld has achieved money transmitter licensing on the national level, increased protections for customers and the company, and led NoteWorld’s efforts in rigorously complying with all regulations and audits. Danielle received her undergraduate degree from the University of Dayton before earning her Juris Doctorate degree from Drake Law School in 1995. Prior to working at NoteWorld, Danielle was In-house Counsel for Debt Free Financial Systems for over 5 years and an attorney at Mead and Associates for over 6 years. She has also served in the Navy Reserve for the past decade, recently being selected for promotion to Lieutenant Commander. Her expertise and commitment to protection for NoteWorld and the industries it serves are immense contributions to NoteWorld’s success and essential in her new role as EVP, General Counsel.
SHANIE MCELREATH PROMOTED TO SENIOR CLIENT RELATIONS MANAGER AT NOTEWORLD
Shanie McElreath has been promoted to Sr. Client Relations Manager at NoteWorld Servicing Center. In her new role Shanie will primarily serve as an advocate for NoteWorld’s current clients and client prospects, including designing and implementing programs to better serve them. Shanie will work to increase client satisfaction and retention, and through direct communication she will address and determine resolutions to their needs and concerns. Shanie’s new position as Sr. Client Relations Manager will be highly benefitted by the great pride she demonstrates when helping clients reach the best results.
Shanie started working for NoteWorld in the fall of 1999 as the Records Acquisition Coordinator in Midland, Texas and has steadily been promoted throughout her time with the company. In 2001 she joined NoteWorld’s Tacoma office as the Marketing and Records Acquisition Manager. Three years later Shanie became the Servicing Manager for Operations, and most recently she held the position of Sales Support Supervisor for Business Development. Shanie graduated with a Bachelor of Arts degree from Texas Tech University. She was awarded the Alumni Award in Technical Communication from Texas Tech and was recognized as the 2009 MVP by NoteWorld. Shanie also commits her time to volunteering with coworkers at the Rescue Mission and the Adams Street Family Campus, both located in Tacoma, WA.
NOTEWORLD ANNOUNCES THE PROMOTION OF KAREN LAGO TO MARKETING MANAGER
Tacoma, WA, March 3, 2011
Karen Lago has been promoted to the position of Marketing Manager at NoteWorld Servicing Center. In this new role, Karen will have the responsibility of management over all functions within the department to include; Creative, Product Management, Web Development, and Market Research. Karen brings a wealth of experience to this role, having worked in NoteWorld’s marketing department since 2004. She has been steadily promoted during her years at NoteWorld, most recently holding the position of Marketing Project Manager. Along with NoteWorld experience, Karen also has a strong educational background, earning a B.A. degree in Psychology and a B.S. degree in Business Management. Karen brings a depth of knowledge and understanding of NoteWorld, and is uniquely positioned to support the company’s marketing strategy.
As the payment servicing industry continues to grow and evolve so does NoteWorld. Company leaders such as Karen help drive NoteWorld to be the most respected third-party payment service provider in the world. With advancing technology and customer service, NoteWorld remains focused on providing accurate payment services where written promises help people achieve financial goals.
NOTEWORLD INTRODUCES BARD LUIPPOLD AS CORPORATE FINANCE MANAGER
Tacoma, WA, February 25, 2011
NoteWorld Servicing Center is proud to announce Bard Luippold as the Corporate Finance Manager in the newly added Corporate Finance Department. Under the direction of the Corporate Executive Vice President, Bard will manage the Corporate Finance Department’s efforts in identifying potential acquisition opportunities, evaluating financial and capital growth opportunities and furthering strategic growth initiatives for NoteWorld. The launch of the Corporate Finance Department is a significant expansion for NoteWorld. This new position comes to Bard after two years working for NoteWorld. Bard previously held the position as Market Research Manager.
At NoteWorld, every employee is focused on one mission: to provide accurate payment services where written promises help people achieve financial goals. As technology advances, NoteWorld continues to seek opportunities to further the company’s growth and to reach new markets looking to streamline their businesses with automated payment services. NoteWorld is certain that the technology and customer service it offers will continue to hold it above its competitors. NoteWorld’s employees offer up this certainty through their growth, hard work and continuous dedication to provide the best services to their customers.
Prior to joining NoteWorld, Bard held project management and market research positions with World Vision and Lehman Brothers. Bard graduated from Stanford University with a bachelor’s degree in International Relations. Recently, he completed the Chartered Financial Analyst program earning his CFA certification, the most highly respected investment credential worldwide. Bard will bring critical insight, industry experience and analysis to this role.
SENIOR EXECUTIVES VINCE BIANCO AND ALLAN MAYER JOIN NOTEWORLD SERVICING CENTER
February 15, 2011
NoteWorld recently welcomed top executives Vince Bianco and Allan Mayer as Executive Vice Presidents of the NoteWorld Sales and Marketing teams, respectively. These two highly experienced managers bring with them strong portfolios of success across a variety of industries. With their extensive backgrounds, NoteWorld is eager to take new strides toward bringing their customers outstanding service as the nation’s premier processor of contract payments.
“After a very productive year in 2010, NoteWorld is ready to take on new challenges. With Vince and Allan onboard and the support of their vast knowledge of sales, marketing and new product development, NoteWorld will mature as a customer-focused company providing payment services to help people achieve financial goals,” said Linda Remsberg, CEO and President of NoteWorld.
Vince Bianco, Executive Vice President of Sales, is a top business executive with over 25 years of experience building start-up companies from conception to acquisition as CEO, President, COO, Board Member, Investor and Founder. He has a wide range of skills across all functional areas, including sales & marketing, operations, and finance. Vince most recently served as the CEO of Newsforce, an online advertising company which created the first online digital advertorial content platform and article-based advertising network. Vince was nominated for the 1st Annual Movers & Shakers Award by Transaction World Magazine in August of 2003. He is the holder of two patents, both for co-inventing a "System for Funding Future Workers' Compensation Losses" while at Risk Data Corporation.
Joining Vince at NoteWorld as the Executive Vice President of Marketing, Allan Mayer is a top level executive with over 30 years of experience in marketing that spans a wide variety of industries. He spent 20+ years as a global marketing/management consultant with The HMC Company, where he personally managed the emergence and/or growth of over 35 established businesses and new ventures. As a result of successful consulting jobs, Allan took on several full-time executive assignments, most notably as CEO of Essential Security Software, as well as VP of Marketing positions at GRINrx Corporation and the bEQUAL Company. In addition to his extensive consulting career, Allan is the founder of ConsumerView, a qualitative marketing research firm.
NOTEWORLD SERVICING CENTER LAUNCHES NSS 7.0
NoteWorld Expands Account Services with the New NoteWorld Servicing System 7.0
December 30, 2010
On November 15, 2010 NoteWorld Servicing Center launched its all new NoteWorld Servicing System 7.0 (NSS 7.0). NSS 7.0 is the advanced servicing software which works behind the scenes to provide customers and debt relief service providers (DRSP’s) with secure up-to-the-minute information and easy account access. NSS 7.0 is designed to give users easier access to account building features and greater management of account information. Through the utilization of NSS 7.0, NoteWorld can now process any account, regardless of the type of account or how the payments need to be disbursed. NSS 7.0 automates nearly all account activity and keeps all consumer information secure with encrypted data.
NoteWorld Servicing Center is a premier third party payment servicer for contract payments, working closely with DRSP’s and their customers. NoteWorld consistently works to improve both its communication with consumers and the technology to perform fast, accurate and secure payment services. Technology is the root of NoteWorld’s operation and NoteWorld seeks every opportunity to upgrade their systems to better adapt to the ever advancing and technology driven world. Coupling NoteWorld’s model customer service with cutting edge technology makes NoteWorld a provider of unmatched benefit to the payment servicing industry. With the best technology systems in place, NoteWorld can assure their consumers and clients the best service with the most convenience, efficiency, and security.
Created by NoteWorld’s own technology team and owned by NoteWorld, NSS 7.0 is the operating system in which NoteWorld processes all payments. NSS 7.0 is an intrinsic part of NoteWorld, essential to the company’s customer servicing operation. “NSS 7.0 is a new, highly efficient, core payment processing system that centralizes NoteWorld’s expertise and proprietary business logic into a robust, secure, and scalable engine. It’s flexibility allows for a myriad of transaction and account types to be run through our audit and quality control processes and allows us to easily adapt to the changing needs of our current and future customers,” said Pete Siems, Director of Information Services, SVP. Because NoteWorld is a licensed money transmitter, the company is highly audited. NSS 7.0 was built with accountability in mind so that this auditing process will be effortless. Scalability was also taken into consideration in the creation of NSS 7.0, and the system has been created with the ability to easily grow with the company.
Information processed through NSS 7.0 is automatically uploaded to NoteWorldReporter.com, a Web site which can be accessed by consumers and DRSP’s with a personal login. While most changes have been made behind-the-scenes, NoteWorld Reporter’s updates are visible to DRSP’s and the consumers, giving them easier access and allowing for simple input of account information. On NoteWorld Reporter, DRSP’s and consumers can view disbursements, credit information and account balances updated in real time. A new account history ledger report allows users to track all deposits and withdrawals from their NoteWorld trust account.
NoteWorld’s focus on advancing technologically can be seen in the constant construction of new technology and their ease of access of pertinent information to clients and consumers. In addition to NSS 7.0, this year NoteWorld rolled out a new website and recently released NoteWorld Pay™, a no-frills straight pass-through payment service for use in all industries needing payment services. Along with these advances, the development of NSS 7.0 has been a strategic process in which NoteWorld’s development team has spent countless hours creating the software with the utilization necessary to process payments with ease and help people achieve financial goals. Linda Remsberg, NoteWorld CEO and President remarked, “No one has come close to providing the amount of innovation that NoteWorld has out to your customers, and we’re really just getting started.”
NoteWorld Adhering to FTC Regulation
October 20, 2010 :: Linda Remsberg
NoteWorld has spent the last three months reviewing the various interpretations of the Federal Trade Commission’s new regulations regarding the debt settlement industry. After careful consideration it is NoteWorld’s decision to only provide payment servicing for new consumers in debt relief programs where fees are charged or collected after debt relief services have been provided as described by the FTC. This policy adheres to NoteWorld’s promise to rigorously comply with regulation for our customer’s protection.
Effective October 27, 2010, we will adhere to the advance fee ban by no longer accepting new accounts from programs which charge debt relief service fees prior to settlement. Our servicing of payments for accounts boarded with us prior to October 27, 2010, will not be affected.
As a money transmitter NoteWorld will gladly continue to process payments for other products and services while providing the same high level of service.
NoteWorld believes that adhering to the advance fee ban will open up the market for your company’s services to millions more consumers and be very profitable for your business going forward.
We invite you to join NoteWorld’s VIP Club where you will have exclusive access, at no additional charge, to quarterly updates on NoteWorld research on debt settlement demand, NoteWorld’s Market Research Notes on industry trends and a quarterly diagnostic report on your consumer portfolio.
NoteWorld is here to support you and your consumers today and, by assuring compliance with the FTC regulations, we will be here to support you in the future.
NoteWorld Servicing System
October 8, 2010 :: Linda Remsberg
In today's business world, having access to the most up-to-the-minute information can make or break your business. Having old information may mean you can't negotiate settlements as quickly for your clients, causing higher attrition rates and costing you revenue. NoteWorld's industry-leading technology lets you stay ahead of the game by providing you with real-time information and reports to help you stay on top of your accounts and raise your bottom line.
With this in mind, look forward to our upcoming release of NoteWorld Servicing System version 7.0 (NSS 7.0) in November! This cutting-edge software enhances the value NoteWorld brings to your company by providing a flexible payment system for you and your clients to utilize. Because we own and develop our own software, we're able to adjust quickly to the ever-changing needs of your business. You don't have to form your business model around our software; we can adapt our programs to suit any business plan.
What it comes down to is choice. With NoteWorld you get to choose how you receive your information, what it looks like and how to use it. At NoteWorld, we don't just say we're the best; we prove it with innovative software like NSS 7.0. Watch for exciting new developments as we continue to produce the next generation of processing software.
NoteWorld is here to support you and help you continue to serve the demand that exists in the debt settlement market. These communications will continue in an effort to help you better understand NoteWorld's responsibilities and what we are doing to help you. Continue to look for more information about our services, our industry and new innovation NoteWorld will be providing.
NoteWorld Protection
October 1, 2010 :: Linda Remsberg
Many of our clients are going through changes in an effort to meet or exceed the new regulation that applies to their business. With these changes, there is one thing that remains true and certain: NoteWorld is committed to changing with them. We are here to provide the protection needed to sustain and grow their business as we respond to regulatory and market changes.
We provide a payment processing solution that has compliance built into it. We hold ourselves accountable to regulations and have invested millions of dollars to make sure we have systems and processes that help facilitate compliance, such as pay-per-performance compliance, positive settlement acceptance, OFAC/FinCEN screening, flexibility in facilitating FTC exemptions, and others. In addition, we have a team of highly qualified in-house legal counsel who helps us achieve this goal.
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James B. Pizl, J.D., CPA SVP, Chief Financial Officer |
Danielle Kiersztyn, J.D. General Counsel |
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Kate Graham, J.D. Associate General Counsel |
Melissa Zaineb, J.D. In-house Counsel |
Information
September 21, 2010 :: Chris Pefley
Information! Information! Information! Is there anything we need more in business than information? At NoteWorld, we know our clients need real time, friendly, readable information and information that can be imported into their processing system. In 2010, we made it a top priority to improve information delivery.
- We are moving our debt settlement clients to Application Programming Interface "API". Our API clients receive their processing information constantly, immediately and in real time while meeting all security and privacy requirements.
- On August 1, 2010 along with our new NoteWorld.com site we introduced Web Reports, which provides up-to-the-minute information for accounts in reports and graphs that analyzes the data for our clients, allowing them to make decisions better and faster!
The reports provide data such as bank returns and reserve balances in real time. This means that as soon as we receive bank information or we update our system, our clients will see the change reflected in our reports. The reports on the web offer all data that is available via FTP. For clients who are are currently waiting for an overnight refresh via FTP reports, they should consider altering their system to use our new web reporting.
Along with the reports themselves, we’ve provided the ability to schedule delivery of single reports via SSRS subscriptions on the website. While in NoteWorld Reporter, e-mail delivery can be scheduled for predetermined times during the day. This assures data will be received from NoteWorld without needing to log in to NoteWorldReporter.com. Our clients should look forward to more additions in the coming months that will make these subscriptions more useful for their business.
These new products will keep our clients in the forefront of the debt settlement industry with decision-making that retains their customers, empowers settlements and increases cash flow!
For questions on these tools or if you are ready to implement these tools, please do not hesitate to contact our sales support team via e-mail at salessupport@noteworld.com or call us at (888) 523-8181. NoteWorld is here to support our clients and help them continue to serve the demand that exists in the debt settlement market.
NoteWorld Speeds Up Decision Time with Rapid Information
September 17, 2010 :: Linda Remsberg
In the wake of the FTC’s Final Rule to Protect Consumers in Credit Card Debt, you may be wondering how NoteWorld understands its role in the industry and its obligations under the Rules. I can assure you that now, more than ever, our services and reputation will prove invaluable in the upcoming months as you work to adhere to the new Rules.
First and foremost, NoteWorld applauds the FTC for recognizing and endorsing the value of using a separate and dedicated bank account such as that which NoteWorld has always offered.
"This requirement does not prevent an intermediary that is not an insured financial institution from providing services in connection with the account as well. For example, GCS and NoteWorld Servicing Center provide account management and transaction processing services relating to special purpose bank accounts that clients of debt settlement companies use."
This statement evidences strong support by the FTC for NoteWorld’s role in the debt settlement industry and affirms that we meet the criteria to help you comply with the Final Rule.
The FTC’s Final Rule requires that, in order to use a dedicated bank account, certain requirements must be met. NoteWorld is, and has always been, in full compliance with these provisions, as follows:
- The dedicated account is maintained at an insured financial institution.
NoteWorld has been in the trust account management and payment servicing business for over 30 years and carries bonds in excess of $13,000,000. We have always been operating in full compliance with regulations regarding the protection of consumers through a Trust Account that is set up in such a way that money being held by NoteWorld for each of your clients is separately insured by the FDIC. NoteWorld meets and exceeds the FTC’s requirements in this regard. - The consumer owns the funds (including any interest accrued).
NoteWorld has always treated funds held in its dedicated bank account as being owned by consumers, because they are. However, it is just as important that the consumer be able to readily access NoteWorld for question or changes to their account. To this end, our in-house call center constantly displays service levels that guarantee quick response, accuracy and friendliness. - The consumer can withdraw the funds at any time without penalty.
Of course they can! Our customers have always had complete control over their funds held in trust. Now we also provide real time reports so that you may have up to date information on changes to the account. We want to protect the consumer while giving you the information you need to be successful. - The provider does not own or control or have any affiliation with the company
administering the account.
Never has, never will! NoteWorld is committed to creating long term value for our consumers and business associates. We do not cut corners in pursuit of short term gains. Instead, we have made substantial investments and sacrificed market share to ensure that we are financially strong and all of the DSCs whose consumers we serve pass our due diligence tests. DSCs can feel safe knowing that our decisions and associations will not put their reputations and consumers at risk. That said, NoteWorld, its owners, members, officers and employees, have no ownership interest in any debt settlement service, nor does any debt settlement service, its owners, members, officers, directors or employees, have any ownership interest in NoteWorld. - The provider does not exchange any referral fees with the company administering
the account.
No referral fees are ever exchanged between NoteWorld and any of our business associates. Further we have standard, published fees that you can count on. Our objective is that there never be confusion about what we offer or what it costs.
Retaining Accounts With Debit Reminders and More
September 10, 2010 :: Chris Pefley
NoteWorld research suggests that consumers who experience a returned payment have a shorter average account life than consumers who do not. A returned payment can lead to a negative cycle of bank fees and cash flow issues. We want to do everything we can to help debt settlement companies’ customers stay in their debt relief program, to achieve their financial goals while helping our clients raise their bottom line.
NoteWorld has adopted a two-pronged approach to address this issue:
- Preventing NSF
We inform consumers in advance before any money is debited from their account. This helps them keep track of when their payments are due and protects them from NSF fees by affording them time to correct any deficiencies in their bank account. - Responding to Rejected Debit
Effective immediately, if the consumer’s debit does not go through their bank account due to closure, invalid information or other issues, NoteWorld will notify the debt settlement company (DSC) by email, reports and FTP files. The account status will change to Hold for Return but will not be locked in such a way that DSCs cannot view debits. At the same time, at our own expense, NoteWorld will contact consumers via U.S. Mail in an attempt to obtain new bank account information quickly. If we receive this information, the customer’s account will be updated and the next debit will be processed as scheduled. DSCs will still have the ability to update the consumer’s bank account information should DSCs receive this information from them directly. Only if new bank account information is not received within 10 calendar days of the next scheduled debit will future debits be cancelled.
NoteWorld is committed to protecting consumers while keeping DSCs informed of their account status and providing the visibility DSCs need into consumers’ debit records.
NOTEWORLD’S TRUST ACCOUNT KEEPS CUSTOMERS’ MONEY SAFE
NoteWorld Uses a Trust Account to Safely Hold Customers’ Money as They Work Toward Their Debt Free Goals
Tacoma, WA, August 3, 2010 — 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 13 companies to hold the elite status of being licensed as a money transmitter in 38 or more 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.
About NoteWorld
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 13 companies in the nation licensed as a money transmitter in 38 or more states, NoteWorld’s substantial licensing and bonding, frequent and rigorous audits, proprietary technology and in-house customer service sets the company above its competitors.
NoteWorld Clearing House Scam
Friday, June 20, 2008
A fraudulent letter and check were recently mailed under the name “NoteWorld Clearing House” that reference the NoteWorld name and physical address. The letter and “Reader’s Digest Grand Prize Winner” check have no connection to NoteWorld Servicing Center and are part of a scam. The check is not valid and cannot be cashed. It is simply a scam by an unknown third party using the NoteWorld name in an illegal manner.
The letter and check were not sent to NoteWorld customers. Our customers’ information remains secure and has not been compromised in any way. NoteWorld operates under the highest of security measures for both physical and electronic data.
If you have been a victim of this fraudulent activity, you can call the National Fraud Information Center at 1-800-876-7060 or you can report it to the US Postal Inspector by following the link below. http://postalinspectors.uspis.gov/forms/MailFraudComplaint.aspx
If you have further questions and would like to speak with a NoteWorld Representative, please call 1-800-473-3898.
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