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#2137913 - 07/13/17 03:23 PM Require ACH disbursements from Holiday Accounts
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
There was a similar question on the threads but I have a different nuance to it. Can we require an ACH annual disbursement for these accounts? Does it make a difference if the disbursement is transferred into an internal account vs. an external account?
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#2138054 - 07/13/17 10:15 PM Re: Require ACH disbursements from Holiday Accounts Bec
'Lil Freak! Offline
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'Lil Freak!
Joined: Sep 2005
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The psych ward
I'm not aware of any regulation that would prohibit it. We transfer club account balances to checking/savings annually. If anything, it would probably be contractual as to how funds are disbursed (ACH, check, etc.) in your account agreement with the depositor.
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#2138131 - 07/14/17 03:32 PM Re: Require ACH disbursements from Holiday Accounts Bec
John Burnett Offline
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John Burnett
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Cape Cod
However, if you allow the transfers to go out to the customer's account at another bank, you have to comply with Regulation E (statement requirements).
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#2138246 - 07/14/17 09:11 PM Re: Require ACH disbursements from Holiday Accounts Bec
Bec Offline
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Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Thank you all!
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