Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Ach Payments topic
No spam. Unsubscribe anytime.
Board delays ACH setup after noting bank fees for loan fund account
Summary
Board minutes show the Revolving Loan Fund’s bank account is not set up for ACH; documented fees were a $22 monthly charge and $0.20 per transaction, with fraud-control services adding additional costs. ACH implementation was deferred to 2026 for further review.
Board members noted Oct. 10 that the Revolving Loan Fund’s bank account does not currently accept ACH payments and quoted a proposed fee schedule: a $22 monthly fee and $0.20 per transaction (minutes note a $24 monthly basis) and additional costs for fraud-control services.
Because of those costs, the board approved an agreement with Market Beautiful that keeps monthly payments on paper checks through 2025 and directs staff to pursue ACH setup in 2026 pending review and approval by the Board of Directors. ACH payments and loan-fund marketing were added to future agendas for additional consideration.
