Best Of
ACH through Bank of America
Does anyone else issue ACH grants through their Bank of America checking account? We have found that if the grant recipient also has a BoA checking account there are major limitations! For one grantee ACH was not permitted by BoA but we could send a wire for a $30 fee. For another grantee, there was a limit of $25,000 maximum transferred per 24 hr period. The limitations imposed by BoA were onerous. Anyone else experience this and have workarounds besides paying wire fees?
How did you fix your NACHA formatting problem?
We’re really hoping to get NACHA working smoothly. While we are able to successfully upload our NACHA files to the bank, there is a formatting issue that’s causing a troublesome delay in the funds being transfered to the recipients. The bank's ACH department is having to manually push the payments through. I understand the NACHA file format is hardcoded and cannot be modified, but I’m wondering if anyone else has encountered a similar issue, and more importantly, how you resolved it.
Even better, if you bank with Synovus and have successfully implemented NACHA, I’d be incredibly grateful to hear what worked for you!
Thanks so much in advance for any insight you can share.
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Re: Best Practices for using ACHs
We, too, pay via ACH. The award notification is accompanied by three documents: (1) Grant Acknowledgement Form; (2) PDF-fillable ACH Authorization Form; and (3) Acknowledgement and Permissions Policy. Upon return of the first two documents, I begin the process of payment transmission with our bank. We're moving to DocuSign in 2024 so I searched the community to see how others have handled, for snafus, etc. Any comments and time savers are welcome. Thanks in advance.
