11/01/2004
We recently had ACH training and found out that according to NACHA rules, we were doing stop payments incorrectly for ACH items. Are the NACHA rules the only governing force for ACH transactions, or is there some overlap with Reg E? Before we change our internal policy we want to be sure that strictly going by NACHA rules won't have us violating Reg E.
10/04/2004
I was wondering if we need to notify our customers about the conversion of checks as part of compliance? Some vendors that change the customers checks in RCK or ARC ACH format charge the customers, and we are getting calls saying that these are unauthorized. Does anyone know about sending marketing materials to explain this to the customers and make them aware of RCKs and ARC transactions?
09/06/2004
When a customer writes a check and then wishes to place a stop payment order on it, if the check is erroneously converted to TEL transaction, the ODFI does not know this is an error and processes the transaction. Is a stop payment valid on TEL and WEB transactions that may be erroneous or even fraudulent?
03/01/2004
If NACHA's 60 day rule only applies to consumer accounts for EFT unauthorized returns, how do we proceed on business accounts?
11/03/2003
What are other banks telling their customers about electronic check conversion? There has been no mention of it in the media and customers are coming back to us angry that "we" are destroying their checks and it is "our" fault. We have no idea what the vendors (American Express; Wal-Mart, etc.) are doing with their copies/images of the checks and customers are expecting us to know. Have standards been issued for the vendors as to how long or what they have to do with the check before it is electronified?
05/12/2003
E-Checks Triple; Financial EDI Up 27 Percent
12/16/2002
Consumer Marketing Guide Published to Assist Billers
10/14/2002
Business Case Estimates New Banking Industry Revenue of $1 Billion in 5th Year from Internet Payment and Authentication Services
05/27/2002
03/18/2002
New NACHA Operating Rules, known as the Accounts Receivable (ARC) application, became effective on March 15, 2002 allowing checks delivered to remittance and lockbox locations to be converted into