What are ACH Originations? An ACH origination means our member has signed an agreement that permits us (OCU) to initiate an electronic payment from our member’s bank account as indicated on the authorized automatic agreement form, through the Automated Clearing House (ACH) network, essentially acting as the “initiator” of a transaction, allowing us to electronically pull money (debit) and deposit money (credit) to the member’s account/loan.
Tip: If we are initiating the ACH transaction, we are the ACH originator which make these types of transactions ACH originations.
Why does the member have to sign a form? The member needs to sign the Authorization for Automatic payments form to indicate authorization for OCU to pull money from another FI. The form also provides the necessities like the routing and account number, the amount, the date we are authorized to pull funds, and what account/suffix the funds should be deposited to.
When is a form required in a task? Every time, unless we are deleting the ACH origination record.
New ACH record set up – YES Change to a current ACH record – YES Delete ACH record – NO
Submitting ACH origination tasks
When submitting an ACH origination task: NEW/CHANGES
Attain signed authorization for automatic payments form (Required)
In Kace, select “new” to open a new ticket > New tickets from queue > ACH Origination
Title: Last Name, First Name, Account #
Summary template:
Pull date/Start date:
Amount:
LN #:
If changes, what changes are being made:
Status should reflect the request, if this is a new ACH origination record, then keep status as new, if we are making changes to an already set up ACH origination record, then change status to Change.
Attach form, and click Save.
When submitting an ACH origination task: DELETE
First check the notes in the member’s account to confirm the ACH origination record hasn’t been deleted already. Back office will put notes when an ACH origination record has been deleted, example below:
If there is a note, no further action needs to be taken as the ach origination record has been deleted. If there is no note proceed with step 2:
In Kace, select “new” to open a new ticket > New tickets from queue > ACH Origination
Title: Last Name, First Name, Account #
Summary template:
Pull date/Start date:
Amount:
LN #:
If changes, what changes are being made:
Status: change to “Delete”
No attachment is required, click save
Done!