09/29/2024
What regulatory obligations do banks have for processing automatic payments (ACH) setups, changes and cancellations?
09/08/2024
We have an individual account that has been receiving recurring ACH debits monthly. The account owner died 6 years ago. The bank just found out about the death only days ago. No personal representatives have come forward or are known to contact. The most recent ACH debit was paid and overdrew the account. The account has now been overdrawn for 45 days.
Can we return the ACH debits that occurred after the date of death? Although the debits have been occurring for years, the bank just became aware of the death of the account owner.
10/01/2023
As to the NACHA Rulebook- What are the time frames on returning an unauthorized ACH debit?
04/13/2015
My question pertains to NACHA Rule OR7 2.3.2.5 (b). We allow our consumers to originate transactions to an external bank. We send two micro deposits to the external account which they must verify. My question is if for some reason the consumer sets up an external account fraudulently and the external FI requests a copy of the authorization what are we required to supply to the FI to satisfy this requirement?
04/06/2015
My question pertains to NACHA Rule OR7 2.3.2.5 (b). We allow our consumers to originate transactions to an external bank. We send two micro deposits to the external account which they must verify. My question is if for some reason the consumer sets up an external account fraudulently and the external FI requests a copy of the authorization what are we required to supply to the FI to satisfy this requirement?
04/15/2002
The Electronic Payments Association has approved changes to streamline the National System of Fines rule compliance system as well as increase the amount of the fines.