ACH origination allows a financial institution to originate ACH credits or debits to post at another financial institution account.

Paragon wanted to add this additional service to members to make it easier and more convenient to transfer funds from your accounts at other financial institutions to your Paragon deposit or loan account.

Prior to becoming an ACH Originator, Paragon FCU was an ACH receiver, meaning we only received credits and debits from other institutions when members set it up with that other institution or a particular vendor.  Being an ACH originator allows members to contact Paragon to have funds transferred to or from deposit accounts at other institutions to their Paragon account or to be paid to a Paragon loan.

Electronic Funds Transfer, or EFT, is the transaction that we process as an ACH Originator. 

You cannot request to send funds from a Paragon deposit account to pay a loan at another institution. 

We require that a signed EFT/ACH authorization agreement be completed.  You can however request the form over the phone to be faxed, mailed or e-mailed to you or you can pick up and/or complete the form at a branch.  The form must be completed, signed and returned with a copy of a voided check from the other institution.

You can forward the form via fax to the Electronic Services Department at (201) 391-7566 or drop it off at any of Paragon’s branch locations.

No, there is no fee to have EFT processed on consumer accounts.  There is, however, a $20.00 fee if any item requested is returned.

The EFT/ACH agreement lists the frequency options that are available.  You may request the transaction to be done one time only, weekly, semi-monthly or monthly. If you wish for the transaction to be done every month for the same amount, simply check off the monthly option.  If the amount varies month to month, you will need to submit a request each month.

It will post on the next available business day.

You must submit the cancellation in writing with your signature to the Electronic Services Department.

EFT/ACH authorization forms must be received by 2:00 p.m. in order to be entered on that business day.  EFT/ACH origination authorization forms received after 2:00 p.m. will be processed the next business day.  (No EFT transactions are processed or posted on weekends or holidays).

The requests will be keyed in with the exact information you have filled in on the form. If the routing number or account number is incorrect, the item will be returned and a $20.00 return fee will be charged.  If the wrong amount is listed, it will be processed for the amount written. The Credit Union is not liable for any fees that you may incur due to incorrect information on the form.

You can contact the Electronic Services department at (800) 222-8877 ext. 3771.