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Attn: Payroll
Department 1. Your employee wants to set up a payroll deduction to credit to her or his savings account with us. Here are some tips to keep your employee happy. (If you outsource ACH to a payroll company, please forward this info to them.) 2. We are a small RDFI. We pay a correspondent to handle our ACH transactions. As a result we: · Accept ACH credits (deposits) only. When we receive a notice of an ACH debit (withdrawal) we: o Deduct a fee from the employee’s Cal Feminist savings account ($25, subject to change) o Issue “returns”—equivalent to stop payments --on debit transactions · For every change or correction we send through, we have to pay a fee to our correspondent! Rather than pay to file a series of NOCs, we usually return transactions that have the wrong account number, name, or transaction code. After the first return, we charge a fee ($25, subject to change) to your employee’s Cal Feminist savings account for each additional return. Please be as accurate as you can. 3. We offer no checking accounts. Please use the transaction code for a savings credit (“32” as of this printing). 4. Believe your employee: our members’ account numbers have only one to four digits! 5. Our ABA or routing and transit # is 32228446-5. Few employees are aware of the time, expense, and paperwork you incur to offer them payroll deductions. Thank you for improving your employee’s financial well-being. Please contact us if you have any questions.
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