Click to return to BOL home page
Banker Store Read A Reg BOL Insiders Career Connect Learning Connect Bankers Information Network



October 29
Documenting an Applicant's Intent to be a Joint Applicant;
David Dickinson

November 4
Issues with Deceased Customers;
Mary Beth Guard and John Burnett

November 5
Vault Burglaries, Floods, Fires & Other Disasters;
Dave McGuinn

November 6
MLO v LO - Who Has to Do What?;
Jack Holzknecht and Mary Beth Guard

November 13
Domestic Violence & Workplace Violence: There Is A Link;
Shelly Collins and Dana Turner

November 18
Understanding USPAP and Regulatory Guidelines for Appraisal and Evaluation Compliance Reviews;
Eric Collinsworth



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

Registered: 09/26/06
Posts: 386
Loc: Georgia
Can anyone tell me what ACH pre-funding is and are there disclosure requirements?

Top
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.

Top
#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?

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

Registered: 06/11/04
Posts: 17483
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.

Top
#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: 17600
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

Top


Moderator:  John Burnett, Ken_Pegasus