BEWARE of NBT Factoring

Discussion in 'Ask An Owner Operator' started by Greenacres0802, Jul 11, 2011.

  1. Greenacres0802

    Greenacres0802 Light Load Member

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    National Bankers Trust has an awesome sales presentation on how they will support the O/O. The lies started from there. Since signing with them, I have been locked out of my account on 4 occasions, double billed for Fed Ex, Been told that uncollected funds would be released at 3 different dollar increments. Not to mention that you spend a minimum of a hour on the phone to get rerouted to a voice mail box. When I inquired about my dissatisfaction and what I had to do to discontinue business with them, they stated that they would look into my issue and give me a follow up call. 2 hours later I was locked out again and told my account was on permanant hold pending termination due to breach of contract on my behalf. Well I was on the BBB website a minute later. Now I am high and dry with no capitol until I get a notice of discontinuance and a refund from the crooks. NBT, the real acronym is: Not Benificial to Truckers.
     
  2. KeyFactor

    KeyFactor Light Load Member

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    I hate reading about stuff like this, but it doesn't surprise me that there are lots of bad factors out there. There are plenty of good ones too...check the threads and ask for referrals.
     
  3. georgeandson

    georgeandson Medium Load Member

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  4. Mr. PlumCrazy

    Mr. PlumCrazy Road Train Member

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    Sorry to here thats why I dont deal with any factoring ...........
     
  5. KeyFactor

    KeyFactor Light Load Member

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    PlumCrazy,
    I'll take your advice and stand up for something. I run a factoring company, so although it stings for me to hear about the bad factors, I can tell you there are lots of good ones out there, as there are good carriers, good brokers, etc. The good factors will advance you money in a prompt and reliable manner, collect your receivables, perform credit analysis and generally be there to make your life simpler. If you ever need financing, I hope you'll keep an open mind to this important service that many swear by.
     
  6. Greenacres0802

    Greenacres0802 Light Load Member

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    Plum I am soon to be on your bandwagon. Do you send your brokers an invoice for payment along with the load tix and BOL or not? Oh and by the way NBT is willing to close me out but only is paying me 1/3 of what is in my account at this time. The snakes tried to send me a general release that makes them not liable for any thing. I think my truck will sit till all bills are posted. BBB has a case number and if they don't fix it I will be on the phone to the attorney general as well. Key, you may run a good ship but in my eyes at this time, factoring was the biggest mistake I have made since I started this company.
     
  7. KeyFactor

    KeyFactor Light Load Member

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    Greenacres0802,
    Check around for referrals...most factors should be able to replace your existing factoring facility with theirs...your trucks don't have to sit idle.

    I MAY be able to help too, but would need to understand your situation better (average monthly volume, recourse versus non-recourse, avg collection period, etc.). If I don't think I can provide you the best solution for your needs, I will say so. I'd also offer to look over your existing or new contracts and give you an honest opinion on your alternatives. You'd have nothing to lose, so just PM me to set up a call at your convenience. At the very least, I would hope to help you in your discussions with your current factor.

    In any case, I wish you the best of luck. I hope you don't close the door on factoring and end up with a better experience next time.
     
  8. Mr. PlumCrazy

    Mr. PlumCrazy Road Train Member

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    Yes I email or fax most of them my invoice rate sheet BOL and any lumper receipts. Most have quick pay and charge anywhere from 1.5-5% I only use quick with a couple Landstar is one they charge 1.5% and put it on my savings plus card within 48 hours also with landstar card I save anywhere from .20 to .40 cents pre gallon off pump price so i gain the 1.5% back and more. I have another one that I use on 75% of my loads leaving home I picked up one this afternoon 3Klbs 364 miles delivering it now and I will invoice it tonight and in the morning I will get a call with a tcheck number. I'm not out to bash factoring companies it just I prefer not to use them
     
  9. BigJohn54

    BigJohn54 <b><font color="blue">Gone, but NEVER forgotten</f

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    I have no experience with factoring but my research tells me it is something I would approach very carefully. I'm guessing from the research I have done that I would probably not give serious consideration to one in six of the factoring companies that I contact for information once I received their contract for review.

    That being said, I would contact KeyFactor for information if I were to consider factoring. From his posts on this forum I get the feeling he is sincere. That means I would see what he has to offer me.
     
    KeyFactor and bullhaulerswife Thank this.
  10. kibbels32

    kibbels32 Bobtail Member

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    nbt is currently chargeing me for and invoice they say they sent to collections outside of their company, that i had to call and have it fixed myself, shouldnt they be paying me to do their jobs? 400.00 and a negative amount in nbt account, and that with them takeing my reserve money. they dont notifie you of a short payment on invoices, it never is 60 min funding more like 3 or 4 hr sometimes the next day, not to mention the countless times i scan the documents or fax them, and then the fed ex every week which that doesnt bother me, but what does is that i have to babysit them, make sure they are doing their job, and you know what they dont. the company that short paid has never even talked to an nbt client service person , in fact the 400.00 im getting charged for i had to call myself and get it staight all cause nbt failed to let me know a bill was short paid and exactly why 400.00 for something i did, i dont know where to go from here. they didnt even call to ask the company why it was short paid, nor did they notifie them from their outside collection person they said they hired, i ask for proof of this and i got it was done by the president of the company it cant be undone, i also ask to talk to him and thats a big no no....do not pass go do not collect your money, i thought i left a nightmare of a factor company but what did was go to sleep to wake up to a nightmare called national bankers trust. does it do any good to complain to the bbb, is it worth my time to send a complaint, do i just let them stick it to me and go farther behind?????????? i need some help here, any ideas, all will be appreciated very much. i like it that all these broker and factoring co think truckers make a killen out here only to get robbed by the ones who are supposed to be helping you. TRUCKS RUN THIS COUNTRY, they bring your everything so you can have it and we get the short end of the stick, and while nbt is the ones makein a killen off our hard earned money we loose our homes or our trucks and our lives just so they can get a quick paycheck for nothing, STAY AWAY FROM NBT IN MEMPHIS TN