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January 6, 2015
Business Accounts Documentation and Procedures with Beneficial Ownership
Deborah Crawford

January 6, 2015
FFIEC Cybersecurity Initiatives and Observations from the 2014 Assessments
Susan Orr

January 15, 2015
The ABC's of IRAs - The Basic Ingredients
Patrice Konarik

January 20, 2015
B & Z Appraisal Rules - Getting Them Right
Jack Holzknecht

January 21, 2015
HMDA Soup to Nuts
David Dickinson

January 22, 2015
Navigating the Treacherous Waters of IRA Rollovers, Transfers and Beneficiary Payouts
Patrice Konarik

January 28, 2015
Mortgage Life Cycle
Part I
David Dickinson and Jerod Moyer



Topic Options
#1411448 - 07/02/10 12:50 PM ach pre funding - new one to me
whataday Offline
Gold Star

Registered: 09/26/06
Posts: 390
Loc: Georgia
Can anyone tell me what ACH pre-funding is and are there disclosure requirements?

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Deposits and Payments
#1411497 - 07/02/10 01:33 PM Re: ach pre funding - new one to me [Re: whataday]
Georgia Plum
Unregistered


What it means to me is that you have an ACH originator that is sending out, for instance, payroll deposits. Before we will actually send the ACH file, we require that the 'funding' is in their account. The file might not actually settle until tomorrow, but we require 'pre-funding' (money in their account) today.

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#1411835 - 07/06/10 10:06 AM Re: ach pre funding - new one to me [Re: ]
new_shoes Offline
Junior Member

Registered: 03/16/10
Posts: 25
Loc: Massachusetts
We are thinking of implementing prefunding as well. Curious if banks that have it require all credit originators to prefund or just the originators that are more difficult to underwrite?

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#1411924 - 07/06/10 12:04 PM Re: ach pre funding - new one to me [Re: new_shoes]
HappyGilmore Offline
10K Club

Registered: 06/11/04
Posts: 17521
Loc: Moron, Mongolia
your interbank liability policy should address this...
_________________________
The only people you should be getting even with are those that have helped you in some way.

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#1411945 - 07/06/10 12:43 PM Re: ach pre funding - new one to me [Re: new_shoes]
Kathleen B Online

10K Club

Registered: 12/27/00
Posts: 17857
Bank will require this when they feel the risk is to high to allow the ACH to go out without the funds in the bank. It is an underwriting decision and your ACH process should be modified to allow for this if you choose this option. It is not an unusual requirement.
_________________________
Kathleen Blanchard CRCM "Kaybee"
Lending/CRA/HMDA/Mapping/Consulting
www.kaybeescomplianceinsights.com

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