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May 20, 2015
Knock Your In-House Compliance Training Out of the Park!
Honey Shelton

May 27, 2015
Compliance Management – Phase 1, your Program and Training
Andy Zavoina

May 28, 2015
Integrated Disclosures 101
Mary Beth Guard, John Burnett and Andy Zavoina

June 11, 2015
New Tech Advances to Improve Info Security
Susan Orr

June 23, 2015
The IRS and TINs: The High Cost of Name Mismatches
Deborah Crawford

July 15, 2015
All About Escrows
David Dickinson



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

Registered: 09/26/06
Posts: 398
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 Online
10K Club

Registered: 06/11/04
Posts: 17645
Loc: somewhere over the rainbow
your interbank liability policy should address this...
_________________________
The head nurse spoke up, said leave this one alone...

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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: 18593
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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