As more and more credit unions start offering (or think about offering) new services to their members, it is vital to understand the obligations and risks involved with those services. One common service being added or expanded is person-to-person (P2P) transfers. This service allows members to send or receive money from other individuals and allows credit unions to compete with popular app-based services that also provide P2P transfer services.Many P2P services are provided via online banking or a mobile app and use the ACH network to process the transfers. In that case, a credit union is providing ACH origination services to its members and has two options for doing so: ACH debit or ACH credit transfers. Today’s post covers some of the basic compliance differences between the two options.ACH Debit TransfersAn ACH debit transfer works like this: Harry owes Sally $50. Sally logs on to her online banking platform at The NYC Credit Union and initiates a P2P transfer for $50 from Harry’s account. Harry’s account at Manhattan FCU is debited $50 and the funds are credited to Sally’s account. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »
Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:00 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p288p288p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenYoung builders create buzz with new home01:00A Paddington property has become the “talk of the town” for the second time, after Graya Constructions, a dynamic brother duo, have transformed what was one Queenslander, into two homes on separate titles.Graya Constructions’ new build Woodrock has become the “talk of the town”.Rob Gray, 29, and his brother Andrew, 32, purchased 33 Rockbourne Tce in May 2017, Rob said the listing had turned heads due to the size of the home, and the size on the land.But this time, he said, it was the architecture and materials used that was creating a buzz.The Paddington home was architecturally designed by Tim Stewart.“I can’t believe it still to this day, every single person literally stops, but it’s just really unique with a huge glass window out the front,” Rob said.“The architecture and the materials are just like nothing else around here, if not in Brisbane.”They commissioned award-winning Brisbane-based architect Tim Stewart after working on previous projects, including the design of each of Rob and Andrew’s own homes.“Tim’s clearly in the top, one, two or three architects in Brisbane, and it’s pretty easy to see why, his portfolio of beautiful houses is endless,” Rob said.Architect Tim Stewart delivered on the brief to create a memorable property to passers by.“The brief was to create a memorable property, so those driving past won’t forget where and what Woodrock is.“It’s a head-turner and nearly every car that goes past slows down or stops.“Woodrock is super modern, contemporary with lots of angles and a view across Paddington to the old water tower.”The project wasn’t without its challenges, but nothing innovative thinking couldn’t solve.“The previous owner had actually subdivided a 405sq m block on the corner, off from his house, from where the Queenslander sat in the middle of the block,” Rob Said.The open plan living, dining and kitchen at the new Rockbourne home.“A lot of people were doing their sums … off how he divided the land, whereas Andrew and I, from day one always saw a lot more value in moving the Queenslander.More from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours ago“It’s actually a really big house, so it didn’t look like it was very movable, but we always new it was doable.”Included in its impressive design are five bedrooms, three bathrooms, a luxe four-vehicle garage, multiple living spaces, swimming pool and wine cellar.The wine cellar greets you upon entry.Among Woodrock’s premium features are resort-style landscaping and pool with glass window, Miele appliances, glass wine display, marble benchtops, ducted airconditioning, polished concrete floors, a vast barbecue entertaining zone and 60m combined dual street frontage.About four years ago, the brothers established Graya Constructions and have completed several successful projects since.>>FOLLOW EMILY BLACK ON FACEBOOK<<“My brother Andrew and I, we basically build and sell high-end houses, predominantly in the western suburbs, most of our success has been in Paddington,” Rob said.“So we’ve got a really good grip on the market here in Paddington.”Ray White New Farm principal and marketing agent Matt Lancashire takes a dip at 33 Rockbourne Tce, Paddington.Ray White New Farm principal Matt Lancashire is marketing 33 Rockbourne Tce, as well as the original renovated home next door at 29.