Posted by VT_Syrup on 1/13/13 7:50am
Msg #450171

Direct deposit: linking payment to job

Different vendors provide different information on their paper checks. Sometimes it's completely clear which check goes with which job(s), other times you try to match the date and amount and hope you got it right. I haven't tried direct deposit yet; is it harder to link jobs to payments?

Reply by Lee/AR on 1/13/13 7:59am
Msg #450172

Agree. That kind of worries me, too. Wish that when you are signing up for DD that one of the things they tell you is what is going to be in that e-mail. The signing date, B's name, order #--what? As you said, even with paper checks, sometimes you're really just guessing at which job is being paid. The few I've got that do DD, I've not had a problem matching job with pay, but who knows what the next co. is going to do.

Reply by Jack/AL on 1/13/13 11:56am
Msg #450191

That depends on the company. I've had a couple of deposits by Skye closings, for which I do not believe there was an email to identify the closings. Each deposit was reflected on my credit union account as "Deposit ACH Skye unlimited I CO: Skye unlimited I." There was nothing to indicate to which signing the payments applied. LPS-LSI does it differently, and perfectly! The financial statement from my credit union shows "Electronic deposit LPS," followed by some numbers which are probably meaningful to the accounting folks at LPS. The good part is that LPS-LSI pays around the 1st and 15th of each month, and when the payment is sent, an email is sent to me. Each email indicates the payment date and total amount, below which there is a one-line entry for each closing. The one-line entry shows the order number, invoice date (which is the signing date or soon afterward), the borrowers' names, and amount paid. Everything I need to know in order to keep up with payments is there. Good method!