Loan – Monthly ACH Debit Request

An Automated Clearing House (ACH) authorization is a payment authorization that gives Quontic permission to electronically take money from the borrower’s external bank account when their payment is due.

Rules and Restrictions

Borrower must complete an Automatic Payment Authorization Form

1st time ACH Set up Request

Updating new ACH External Bank information

ACH Monthly Autopayments request must be scheduled between the 1st and 10th of the month

MUST have a wet signature

ACH Debits is NOT allowed for Mortgage Loans starting with 390

Due to the type of loan (Held for Sale loan) – are not eligible to pay via ACH debit

ACH Debits can only be for the EXACT amount of the monthly mortgage bill

Utilize the template – Mortgage: Ways to Pay – Accounts starting with 290

Send Email Template from loanservicing@quonticbank.com

Rule Exceptions

The monthly ACH Debit scheduled draft request is after the 10th of the month

One Time ACH Debit

DocuSign request (client states unable to provide a wet signature)