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ACH Scholarship payments
LeeONeil
Posts: 34 ✭✭✭
Hello All,
We've moved our grant payments to ACH, and now we're working on using ACH for scholarship payments. In the past, we mailed a check for each student award along with a cover letter. Sometimes that meant sending 10 or more checks and letters in one envelope to the school.
For those of you currently using ACH for scholarship payments, how do you handle that? Do you send one lump sum to the school, and then provide a letter with student details? Do you send 10 different ACH payments to the school, and then email 10 letters to identify the payments?
Thanks in advance for your advice!
Lee O'Neil
she/her/hers
Scholarship Coordinator
Community Foundation of Fayette County
2
Comments
We send our funds via a third-party investment firm, but they tell me that you have to make ACH arrangements with each college separately. For the two colleges that they send funds to for our recipients they ACH the funds and send an email to a point of contact in the financial aid office with the student's name, student ID, and the amount awarded the student. They mail checks to the other five colleges.
I would like to ACH more funds, but when I reach out to the colleges most want to continue receiving checks.