Answer:
Yes! An ODFI’s potential liability under the Rules for breach of warranty is not limited to the RDFI’s return time frames. The ODFI’s liability is limited only by the statute of limitations for breach of contract claims under applicable state law. ODFI liability for a breach of warranty exists for seven years in some states. The RDFI may have to work with the ODFI out of network, but remedy (and ODFI liability) still exists.
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Learn more about Rayleen Pirnie’s webinar ACH 201: Rules, Regs and Laws
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