Why do we have an ACH Verification process?
As security enhancements continue to be an ongoing focus and priority for TLCCU, we require verification procedures for new Online Banking ACH financial institution transfer account setups.
What does the ACH Verification process consist of?
When a new financial institution is set up, our system will generate a debit and credit for a random amount less than $1.00 at your other Financial Institution, then you must verify this transaction amount in Online Banking before scheduling any transfers.
What do I do after I set up a new financial institution?
You will need to check your account at the other Financial Institution in 3 business days, then log on to Online Banking and correctly validate the verification transaction amount under the Transfers/ Other Financial Institutions/ Manage Accounts tab. Click on the Validate link and enter the transaction amount in order to activate the new account for transfers.
How long do I have to provide the verification amount?
The new setup will be removed from Online Banking after 45 days of when the setup was established if you do not provide the validation amount.
How many chances do I have to provide the correct verification amount?
You will have 3 attempts to correctly enter the verification transaction amount. If this is exceeded, the financial institution will be locked from use and the set up will need to be added again.
How soon can I schedule a transfer once the verification amount has been successfully verified?
Once the verification amount has been verified, the account will be active and you can begin scheduling transfers immediately. Please allow 3 business days from the date of your request for the transaction to be posted.
I set up a new payee today, how can I schedule a transfer immediately?
All new payees are subject to the verification process and will not be available for immediate use until the verification process has been completed.
Will the ACH Verification process affect any of the accounts in my transfer list that I have already set up?
No, this process will not be required for existing accounts in my transfer list. They will be listed on the Manage Accounts tab as 'Enabled Accounts' and no action is needed.
Can I opt out of the ACH Verification process?
No, for security purposes this will be required for all new account setups.
Will the verification process be enforced each time I add a new account at the same institution I had previously setup?
Yes, all new setups will be enforced through the validation process.