Using Prenotes in ASPIRE

Using Prenotes in ASPIRE

Prenotification (Prenote) for ACH 

Electronic funds transfer in the United States using the ACH method allows for the use of Prenotification (prenote) to check whether the recipient bank account (for example, the borrower’s bank account from which contract payments will be withdrawn) is open and available for ACH debits. 

While not limited to use before the first ACH payment you intend to pull for a given bank account, Prenotes are most often used before that initial pull and not repeated for subsequent uses of the same bank account.


ASPIRE Prenote Functionality 

The ASPIRE EFT Module allows users to initiate Prenotes to supplement their bank account verification process. 

EFT Generation

When a Prenote Date is set on a contract, a Prenote entry is included in the next EFT File Generation (Tasks – EFT Generation) where the entered Prenote date is within the “Due Dates” range.
 
Prenote entries are listed separately in the “Review EFT Details” dialog and are included on a separate sheet in the Excel export from that dialog. 

Upon posting the EFT Generation batch, any included Prenote records will be marked as “Successful” in the relevant contract. 

In Contract Explorer – Main – EFT Assignment (or Customer Service – Contract EFT), the Prenote Date and Successful flag can be cleared by clicking Clear Prenote, then saving the contract. 


Using Prenotes with Alternate EFT 

Prenote functionality may still be used for Alternate EFT payments, though there are extra considerations when regular EFT is active. 

When Regular EFT is not Active 

When the contract is not set up for regular EFT, similar steps can be used as described in the section Using Prenotes with Regular EFT.  
Rather than using the “Suspend Until” date, use the End Date to prevent unintended initiation of regular EFT on the contract. 
You will still need to set the intended bank account for the Alternate EFT as the Bank Account on the regular EFT section. 
Set the “Start Date” for the Alternate EFT to be sufficient days after your “Prenote Date” to avoid prematurely pulling the Alternate EFT amounts. 
Alternate EFT processing is not impacted by the “Start Date”, “Suspend Until”, or “End Date” from the regular EFT section. 

 

When Regular EFT is Active 

When Regular EFT is active, and the bank account intended for use on an Alternate EFT is different than the Regular EFT bank account, processing is similar to the steps described in the When Regular EFT is not Active section. 

The added step is to revert the Regular EFT setup, including the Bank Account, Suspend Until, and End Date, after the Prenote is included in a file, so that the regular EFT can proceed as planned. 

Tracking Prenote Success 

As noted in the ASPIRE Prenote Functionality section, all changes to the “regular” EFT setup, including the Prenote Date and Successful flag, are tracked and available from the EFT Assignment tab on the Contract (or from Customer Service – Contract EFT) in the EFT History section.  

The EFT History is available with changes tracked and viewable on a going forward basis when the Global Setting “EFT Rewrite Tracking” (Administration – Global Settings – Contract Management – EFT Rewrite Tracking) is set to “True”. 



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