As you know, Farmers policy states that Agents and DMs are to be paid between the 1st and 5th of each month. The Credit Union usually receives deposit information for posting on the 1st or 2nd and we always post Agent Net with an effective date of the first. Here is an example of how folio is processed in a typical month:
- Whereas employee payroll is usually the same amount each time, Agent commissions must be calculated each month as business fluctuates. Information is prepared by region.
- Your local regional office receives and balances information for you and other agents in your area, then sends the final verified amounts to Home Office.
- As the information is received from the regions, Farmers extracts the deposits for Credit Union members and gives it to us.
- We balance the information on our system and post the deposits within 30 minutes of receipt.
- Remaining information is transmitted to various other financial institutions for posting.
Of course, this is a simplified version of what happens - it doesn't take into account the effort involved in calculating, verifying, and finalizing information for each agent and DM, which can sometimes be quite involved!
Farmers is vigilant about making sure your deposit is accurate and timely, as is the Credit Union. In fact, if your deposit is made to your Credit Union account after the first of the month, we guarantee to:
- Cover checks you have written against your historically reasonable net folio amount up until folio posts
- Post your deposit with an effective date of the first so you don't lose any dividends
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