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#561992 - 06/05/06 12:59 PM Loan payments by phone (ACH)
Diana Timberlake Offline
100 Club
Diana Timberlake
Joined: Apr 2002
Posts: 118
I am looking for a bank that allows customers to call in and pay their loan payment by phone,where we would originate a one time ACH. What kind of form are you using? Do we trust that the account number is the loan customers account number. (I guess worse case senerio is to charge a a return ACH for whatever reason) back to the loan. Are there other issues I need to consider.

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#561993 - 06/06/06 03:53 PM Re: Loan payments by phone (ACH)
Uncle_Milty Offline
Gold Star
Joined: Jun 2002
Posts: 434
New Jersey
This is pretty common. NACHA put out a booklet on telephone transactions, detailing the information you would need to disclose and retain. You would have recourse against your loan customer if they committed fraud, for example if they used their neighbors bank account. If you wanted to reduce the possibility of this altogether, you could add a level of security - for example, note the account used for the last mail payment and restrict them to phone transactions against that account.

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