Announcement of Automated Clearing House (ACH) Payment Requirement - 10/9/2008 Beginning November 17, 2008, the only payment method available to all plaintiff’s firms (firms) paid settlement funds by these Trusts will be an Automated Clearing House (ACH) transfer.An ACH is similar to a wire transfer, in that the funds will be directly deposited into your designated bank account by the Trust, once the funds are released to be paid.If you are currently receiving funds via ACH transfer for all Trusts, please disregard this notice.Otherwise, in order to receive funds from these Trusts after November 17, you must complete the attached form and return it by November 3rd, 2008 to:
Delaware Claims Processing Facility, LLC
Attn: ACH Administrator
1007 North Orange St. - Suite 120
Wilmington, DE 19801
If you would like the funds for each Trust deposited into one bank account, one form can be used to cover all of the Trusts.Otherwise, a separate form is required for each Trust to which you are submitting claims with a separate bank account.
The ACH method was chosen as it is most efficient: benefiting the Trusts, the firms, and ultimately, the claimants.Firm and claimant benefits include having funds available sooner to earn interest and re-distribute, possibly, several days in advance of the normal check process.The Trusts will be able to distribute funds without the risk of having potentially uninsured and un-invested funds on deposit with the bank.
Under this method of payment, if you have an Electronic Filing Agreement (EFA) for Trust Online, the Trust will send an email notification of the payment directly to the person that your law firm appoints, notifying them that the payment has been sent via ACH. A link within each notification will access an online report which will identify each payment by claim number, claimant name, option choice (ER or IR) and payment amount.If no EFA exists for your firm, a similar notification will be sent to you via regular mail.