EFT Escrow Processing Change


Effective June 26, 2009, HESC will enhance our Escrow EFT (Electronic Funds Transfer) service, speeding up processing of disbursement rosters and the transfer of funds to schools. Upon implementation, you will notice the following timeline changes:
  • One day will be removed from the Escrow EFT (Electronic Funds Transfer) timeline, changing the process from three to two processing days.
  • Lenders who have HESC auto-debit their account for funds will benefit from a reduction from four to three processing days.

The enhancements will apply to the EFT refund process. Since EFT Express is a one day process, it will not be affected.

Timeline Illustrations

Following are detailed illustrations of the shorter Escrow EFT processing timelines:

Escrow EFT Processing (Lender Sends Funds to HESC)
Day 1
  • Lender Disbursement Roster file and matching funds are both received by 12:00 P.M. EST
  • School Disbursement Roster file and Lender Disbursement Acknowledgement file are created and transmitted.
  • HESC submits ACH to credit school's account.
Day 2
  • School receives funds.

Escrow EFT Processing (HESC Auto-Debits Lender's Account)
Day 1
  • Lender Disbursement Roster file is received by 12:00 P.M. EST
  • HESC submits ACH to auto-debit lender's account.
Day 2
  • HESC receives funds.
  • School Disbursement Roster file and Lender Disbursement Acknowledgement File are created and transmitted.
  • HESC submits ACH to credit school's account.
Day 3
  • School receives funds.

Lenders Should Adjust Their Look-Ahead Timing

Lenders will need to adjust their look ahead process to send the Lender Disbursement Roster to HESC using the shorter timeline to insure funds settle at the school on the appropriate anticipated disbursement date.

Additional Information

For more information or questions on the change, please contact our EFT unit at 518-473-4222 or eft@hesc.org

Please direct questions or comments regarding the use of HESC electronic products or services to Priority Services at priorityservices@hesc.org. Direct any technical problems with HESC electronic services to the HESC Help Desk.

To contact HESC toll free, call 1-866-431-HESC (1-866-431-4372) and follow the menu prompts.