Debbie,
While the Fed is not necessarily restrictive on whom it lets originate ACH
entries, It will require you to have a member financial institution perform
settlement of funds on your behalf, and to assume the ODFI liability (See
ACH Rules <www.nacha.org> regarding specific obligations of the Originating
Depository Financial Institution). It is kind of standard for your ODFI to
require a credit review, contract, and possibly personal guarantees from the
corporation, principals, etc. in order to approve you to originate directly
to the ACH. Direct origination is not particularly uncommon, but expect
your ODFI to require a fairly stringent review of your financial situation.
Best Regards,
Bill
Bill Morey, AAP, CCM
Electronic Interface Administrator
O.C. Tanner Company
"Official Manufacturer of the 2002
Olympic Winter Games Medals"
1930 South State Street
Salt Lake City, UT 84115
(801) 483-8341
[EMAIL PROTECTED]
-----Original Message-----
(snip)...
The speaker suggested instead of sending an 820 to your financial
institution, who in turn creates an ACH transaction to send to an ACH
network/Federal Reserve, to create the ACH transaction yourself and send it
directly to the ACH network.
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