Question:

Is the 24 hour return deadline for an R29 considered midnight of the next business day on which the CCD actually posted to the customers account? In other words, if the unauthorized CCD posted to the business acoount on Monday the deadline for return would be midnight Tuesday?

There's no midnight deadline rule in ACH-land. The normal return deadline calls for the returned entry to be received by the RDFI's ACH Operator by its deposit deadline for the Return Entry to be made available to the ODFI no later than the opening of business on the second Banking Day following the Settlement Date of the original Entry.

Translated: If Settlement Date is Monday, the Return Entry has to be available to the ODFI by the opening of business on Wednesday. So you have to get it submitted to your ACH Operator (FedACH or whoever) in time to make that delivery deadline.

If you can't make it in time, you can request permission from the ODFI for a late return (get it emailed or faxed to you to CYA). Then you can use an R31 to send it back by whatever deadline you and the ODFI agree upon.

Thanks again...I especially liked the CYA.

CYA - It's a new ACH Entry Class - Consumer Yanks Assets -- to be used by a consumer to transfer funds from old bank to new bank when old bank ticks consumer off one time too many.