[Treasury-News] Oregon State Treasury | Discontinuing Received ACH at U.S. Bank

[OST NEWSLISTS]

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Discontinuing Received ACH at U.S. Bank
As Treasury's Electronic Funds Transfer (EFT) Business Systems Renewal (BSR) project draws to a close, one of the final milestones is discontinuing received ACH services at U.S. Bank. Effective July 1, 2024, received ACH transactions directed to U.S. Bank will be returned to the payer. Note that this change will not impact ACH transactions processed via U.S. Bank's E-Payment service.

It has been at least a year or more since agencies and universities completed their transitions to KeyBank. Each agency/university was provided updated payment instructions to share with its customers and business partners to direct received ACH transactions to KeyBank.

While Treasury originally communicated that received ACH services at U.S. Bank would be discontinued in 2023, Treasury extended the timeline to provide agencies/universities additional time to communicate the change to their payers. With less than 1% of all received ACH transactions currently being directed to U.S. Bank, Treasury has determined that now is the right time to move forward with discontinuing received ACH services at U.S. Bank.

How to Prepare
Received ACH transactions directed to U.S. Bank are identified on Treasury account statements as "Incoming ACH" with a "1" in the column titled "Check/Advice Number Item Count." If you see such transactions on your organization's statements, you need to provide the payer with your KeyBank ACH payment instructions. Customer Solutions will also be reaching out to agencies/universities with a list of accounts that have received ACH transactions at U.S. Bank in the past three months.

If you have any questions or need assistance with this change, contact Customer Solutions at customer.solutions at ost.state.or.us<mailto:customer.solutions at ost.state.or.us>.
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