ACH Origination Checklist

Origination Checklist

 

  • Check Primary ID – Scan into eDOC if not already done

 

  • Verify identity according to the Member Identification Procedures

 

  • If the Member would like to do an origination that is NOT for a loan (share to share), the account must be in good standing and they must have been a member for at least 6 months (Supervisor can override).  

 

  • If they have had Courtesy Pay taken away, we will not allow origination.

 

  • Obtain voided check copy or proof of non-HCU account ownership from member and fill out form

 

  • Tell member about $15 setup fee for all outgoing origination items (per item)

 

  • Member could use bill pay to avoid the fee

 

  • Explain that if origination is returned as NSF. Item will not pull again – they will need to make other arrangements for payment. If two months are returned we will consider that a cancellation of the origination.

 

  • Explain to Member that if the loan is paid off. They will need to stop the origination. It will not automatically stop because the loan is at $0.

 

  • Make sure member knows that the first origination date must be at least ten business days out

 

  • If origination item is NOT for a loan (it is a share to share) there is a $500 maximum that is allowed per each account per week.  

 

  • Give a copy of the form to the member

 

  • Forward voided check (or proof of account info.) and form to Accounting

 

 

Last Updated: April 22, 2010