We will be implementing a product where customers who have consumer loans with us will be able to initiate an ACH debit to their account at another institution to pay their loan payment. The process will be handled through our VRU. A fee will be charged each time the customer initiates a payment using this product. How do we need to disclose the fee for this service? Must it be disclosed in writing before the customer uses the service? Should we include it on our regular fee schedule? I don't want to go though the expense of disclosing it to all customers when not all customers will be able to use the service. Any suggestions would be welcome.

If the customer must sign an agreement for this service, why not post the fee in the agreement or have a fee schedule attached to the agreement. Now, the trick is to keep it up to date and notification when you do change the fee in the future to all customers using this service.

Most banks that I know of try to create incentives for customer to make automatic payments (whether from an internal or external account) due to the reduced cost involved in processing. If you want this program to fly, I think that you are burdening it with a lead weight right out of the shute. If you charged me a dollar for the service, I'd rather spend the $.37 to mail you a check.

Would you be interested in an IVR that can also do this? We can capture the payment info and send you the posting info as well as the ACH file so you can originate de debits to the accounts. Its an outsource IVR so it will be a a ridiculously economical setup where we even do a customized script and 800# for you...?