A hierarchical electron-phonon coupling model is applied to describe the ultrafast decay of a photogenerated exciton at a donor-acceptor polymer heterojunction, via a vibronic coupling mechanism by which a charge-localized interfacial state is created. Expanding upon an earlier Communication [H. Tamura et al., J. Chem. Phys. 126, 021103 (2007)], we present a quantum dynamical analysis based on a two-state linear vibronic coupling model, which accounts for a two-band phonon bath including high-frequency C[Double Bond]C stretch modes and low-frequency ring torsional modes. Building upon this model, an analysis in terms of a hierarchical chain of effective modes is carried out, whose construction is detailed in the present paper. Truncation of this chain at the order n (i.e., 3n+3 modes) conserves the Hamiltonian moments (cumulants) up to the (2n+3)rd order. The effective-mode analysis highlights (i) the dominance of the high-frequency modes in the coupling to the electronic subsystem and (ii) the key role of the low-frequency modes in the intramolecular vibrational redistribution process that is essential in mediating the decay to the charge-localized state. Due to this dynamical interplay, the effective-mode hierarchy has to be carried beyond the first order in order to obtain a qualitatively correct picture of the nonadiabatic process. A reduced model of the dynamics, including a Markovian closure of the hierarchy, is presented. Dynamical calculations were carried out using the multiconfiguration time-dependent Hartree method.