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Are we required to send a receipt of loan payment when we originate an ACH debit to deduct a loan payment from our loan customer’s deposit account held at another bank? – IBA Compliance Connection

Are we required to send a receipt of loan payment when we originate an ACH debit to deduct a loan payment from our loan customer’s deposit account held at another bank?

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No, we are not aware of any requirement to issue a receipt when initiating an ACH debit transaction, unless your loan agreement includes such a requirement.