SETTLEMENTS
THE  SECRET TO A GOOD AND FAST SETTLEMENT
 

It sounds a little too simple but if all of your paperwork is in good condition for Billing,  the Settlement Process should be a snap

 

Timing
 

The cutoff for Settlement is tied to Billing.  Any Load received in Monroe by Friday 5 PM will be paid on Friday of the following week. You need to do every thing possible to make sure that all of your paper work is in and that nothing is missing.  If any part of the required paper work is not with its load sheets, then it will be set back and not billed.  If a load is not billed it cannot be settled. If a load is not settled, you cannot be paid for the load.

 

How are Deductions Handled?
 

There are two types of Deductions, one time deductions and recurring deductions.

One Time Load Deductions could include advances that you got, deductions for fuel or other expenses that were not supported by a receipt, or special deductions that should only happen one time.  All of the advances are tied to a load and under normal circumstances you will only be charged for advances for loads that are being settled. If more than one week passes and a completed load has not been submitted, an advance may be deducted from the settlement balance. It is important that you communicate to Monroe information about any loads that become delayed or paperwork is not completed.  

Recurring Deductions generally occur on every check.  Examples of this would be Liability/Cargo Insurance, Bobtail/Deadhead Insurance and other similar items.  Escrow deduction is at the rate of $30.00 per week.

Remember with Escrow the deduction will occur only until the balance reaches a preset amount, usually $750.00, at which  point the deduction stops.  If the balance drops down below $750.00 the deduction will begin with the next settlement to bring the Escrow back up to $750.00

 

What Does a Settlement Sheet Look Like?
 

Well let's look at one. Click here to go to the Sample Settlement sheet.

If you want to go back and review anything just  Click here  and take another look. 

 

How do I receive my Money?
 

You  have two choices to receive your money.

  1. When the settlement is completed on Friday Harris will send you a check in the regular mail complete with a copy of the settlement sheet.  US Mail can take up to 7 days to reach you so please allow for that time.
  2. We can load the money to a Comdata Card.  This means that you will have the money immediately for use once it is loaded. A settlement sheet will still be mailed out to you in the US Mail. If you want your settlement loaded to a card let us know in advance. 

Now, here are some important things that you need to remember

  1. Loading money to a card carries a fee with it.  ComData charges $3.00 for us to load the card and that fee will be deducted from the amount of money that is available to you.  If  $847.00 was loaded you will get credit for $844.00.
  2. If you do not have a Comdata Card, anytime you request a Comcheck settlement or advance  the fee will be $3.25 per $1000.00
  3. Settlement people will generally not be able to answer questions on Thursday or Friday about your settlement.  They will be working on everyone's settlement and if you call and ask questions that will only delay the processing.  
Testing Your Knowledge
 

Click Below to go to the testing Your Knowledge Portion of Settlements.  You will be asked several questions to see How well we communicated the above information to you.  If you would like to review one more time, just scroll back up to the topic and review the information. 

 

CLICK HERE  TO BEGIN