ACH 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