Posted by Alz on 5/21/12 10:38am
Msg #421395

ACH versus Paper Check

I have a few clients that are offering me the opportunity to have payments automatically deposited into my accounts. Personally, this works well for me, most of the time; however, I am curious to hear a different perspective on this, i.e. advantages and/or disadvantages?

What is the consensus?

Reply by Linda Juenger on 5/21/12 10:40am
Msg #421396

I would love it and welcome it.

Reply by Les_CO on 5/21/12 10:58am
Msg #421397

It saves me a trip to the mailbox, and the bank. I’m all for it.

Reply by Lee/AR on 5/21/12 10:59am
Msg #421398

Me, three n/m

Reply by Roger_OH on 5/21/12 11:26am
Msg #421399

My only concern is...

that if the SS goes belly up, they still have your bank information; one of the reasons we use EINs instead of SSNs.

I think I'd be OK doing ACH with the larger, established companies that I do a good volume with, but might hesitate with lesser known ones.

Reply by Les_CO on 5/21/12 12:38pm
Msg #421413

Re: My only concern is...

Different banks have different rules. My bank “they” (whomever) can deposit, but not withdraw.

Reply by paaz on 5/21/12 11:41am
Msg #421401

Only problem here is that it becomes very difficult to know how to apply the ACH when you have lots of signings from the same company. Also hard to determine which job they underpaid you for if this happens. Can cause you to have to call each time you receive payment.

Reply by Eunice Terry Terry on 9/16/12 11:42am
Msg #434625

I would like to sign up with a company who pays ach. Can you share which companies pay you this way. Thanks.

Reply by BossLadyMD on 5/21/12 11:57am
Msg #421405

Love it, but I get it deposited into my savings

That way I can keep better track and limit access to all of my other funds

Reply by A S Johnson on 5/21/12 12:07pm
Msg #421408

Open a separate bank account to have you ACH deposited to, then transfer the funds to your primary account.

Reply by VT_Syrup on 5/21/12 12:27pm
Msg #421411

I have heard of cases where someone gave account number and routing info to a telephone solicitor. When they were not happy for whatever reason, and tried to get their bank to put the money back, the bank wouldn't because the person had voluntarily given the information. Now if you deposit a check and put your account number on the back, they will get the same information when they get their check, or their check image with their bank statement. So they have the same information, but it was given in a different way.

So suppose they pay you $### and later take back $##, claiming an accidental overpayment? Will your bank honor it? I don't know. Ask your bank.

Reply by Jack/AL on 5/21/12 3:04pm
Msg #421430

LPS/LSI uses ACH and sends payment to my credit union checking account. Every two weeks, they do one deposit for the period covering the third and fourth prior week. For example, on 15 May, the deposit was for all signings I did for LSI during the final two weeks of April. They sent me an email showing the day of transfer, the total amount, and individual signings by invoice number, invoice date (signing date), borrowers' names, and amount paid for each closing. It's all very neat and simple. Have had 3 or 4 deposits, without any problems. They can make unlimited deposits, and I hope they do, but they can not make withdrawals. I wish all SSs and TCs would pay the same way.

Reply by MW/VA on 5/21/12 1:30pm
Msg #421417

I have a few clients who do this & I love it. :-) They send

me a notification, so I know what signing it applies to.
Mail isn't very reliable these days, so I'm glad not to have to deal with it.
Advantages that I can think of is that there is so much fraud with paper checks, and some banks even charge for deposits to biz accts. by the #of deposits. It seems it will make things simpler all the way around.
Even ss checks aren't going to be paper checks--recipients have a choice for automatic deposit or loaded to a debit card.

Reply by LKT/CA on 5/21/12 4:07pm
Msg #421444

Re: I have a few clients who do this & I love it. :-) They send

<<<Even ss checks aren't going to be paper checks--recipients have a choice for automatic deposit or loaded to a debit card. >>>

The cashless, checkless society. Didn't people get their unemployment monies on a reloadible debit card?

Reply by MW/VA on 5/21/12 9:07pm
Msg #421467

Yes, and I think that applies to welfare & food stamps, too.

All on reloadable cards. IMO it makes it toooo easy for some. :-(

Reply by Alz on 5/23/12 12:41am
Msg #421595

And those that have expense accounts n/m

Reply by SharonMN on 5/21/12 3:41pm
Msg #421437

I wouldn't mind this for real clients, but I would not give out my bank info to every person claiming to be a signing service that might someday give me an assignment.

Reply by Ernest__CT on 5/21/12 5:02pm
Msg #421451

Two thumbs up IF it is a well-known company! n/m

Reply by Barb25 on 5/21/12 5:46pm
Msg #421455

Actually everyone who gives you a check that you deposit can

see where that check is deposited

Reply by SWFL_Notary on 5/21/12 8:06pm
Msg #421463

LSI has me set up and I love it! Get an email, the next morning the money is in my account. In case you are wondering yes I do have a separate checking account for this to credit to. Never keep any money in it so no worries if someone were to try to withdraw from it.

Reply by Laurie_OR on 5/22/12 7:33pm
Msg #421564

Having worked in both the front and back office sides of banking for many years, ACH is nice, but on multiple occasions I have seen the transactions reversed at a later date and time. The company only has to state that there was an error in the deposit.

A notice is sent by snail mail to the customer after the withdrawal has been made.

From the situations I have seen, this caused multiple problems for the person that thought the funds were deposited.

Personally, I like to wait for the paper version. The only reason that can come back at a later time is if they sign an affidavit stating that transaction was fraudulent, and fill out a police report.

Reply by mtnotary on 5/22/12 10:35am
Msg #421492

only a problem if your checkbook is stolen

as mine was. Actually they stole my purse right out of my car while I was at a signing. Then I had to close my checking account and deal with a major hassle.
To bad my car insurance wouldn't cover my loss and my home insurance had a $1,000.00 deductable.
Yes my car was locked. So if it can happen in Montana I guess it can happen anywhere.