What is the bank depositor fee that the CFPB suggests may be an unfair act or practice?
What is the FDIC’s concern about multiple NSF fees?
What is meant by “multiple presentments” of an item?
What are examples of “must pay” items that a bank may subtract from an account’s available balance?
How can banks stay compliant with transactions while not using ACH?
We have an ACH compliance question. One of the credit unions that we audit has reached out regarding an ACH return request. They received the request on 9/1/2022; however, the effective date of the transaction was 7/22/2022. This was returned R06-Returned per ODFI's request and appears to be outside of the requirements for the time of return. The question is:
1) Does the CU have to honor this return and
2) if so, is it acceptable to honor the return via fax? We are thinking that it would need to go through the Federal Reserve?
Our credit union received a request for a return for an ACH transaction that was made in error. The request was sent to via fax on 9/1/2022. The original transaction was dated 7/22/2022 and is now outside of the return time frame. Is the CU required to honor this return and, if so, is it acceptable to honor a fax'ed request? We are under the impression that it would need to go through the Federal Reserve. Any advice that you can offer would be greatly appreciated.
If a customer sends a Zelle or other platform for a P2P to purchase a cat for
example and they never receive the cat. We generally deny the dispute because they
authorized the payment but from what I am hearing since they did not benefit from it we
should accept the claim and take the loss?
We have had quite a few clients that willingly send funds through Zelle to purchase merchandise and never receive it. To us this is not a REG E claim since they authorized the transfer. Is this correct?
How do we reach a P2P vendor for investigative information when we don't
have a real agreement with that vendor? We've been unable to reach them.