We had a check post to a customer's account on 1/28/2021 and they brought to our attention in late February that this check had already paid on the account on 9/28/2020 as an ACH check conversion. It is too late to return either item so how would this be handled? Would we need to get with the ODFI of the ACH to see if they would return the funds to us in good faith?
When a customer dies (individual account) and has 2 PODs on the account, do we continue to pay ACH drafts (utilities, insurance, etc.) on the account?
Also, I didn’t understand the paying interest on interest bearing accounts. We have NOW accounts that have one owner and certificates of deposit. Do we stop paying interest on these interest-bearing accounts?
If a customer requests a stop payment on an ACH debit (on the day of presentment), are we required to honor their request? Or since they've indicated they've revoked authorization, should we ask them to complete the WSUD instead?
What can we do if one of our cashier’s checks is converted and paid as an ACH check conversion?
We have a credit transaction that came in today on a closed debit card. This card has been closed for so long that it is not on our system any
longer. This was presented as a "force post" transaction and did not go thru the authorization channel. Can we return this transaction even though
it is attached to a debit card?
The bank received an ACH debit entry on October 11, 2019 with a settlement date of October 15, 2019. Monday was a holiday so Saturday, October 12, was a non-processing day on Tuesday's business day. The transaction was memo-posted and the funds were deducted from the customer’s “available balance” on the morning of October 12, 2019. However, it didn't hard post the account until the end of Tuesday's business day. An external auditor cited us for this by mentioning that the memo post was prior the settlement date of October 15, 2019, and it is prohibited by the rules.
When I contacted Fiserv, they mentioned that there was no way around this. Is this really a violation of NACHA Settlement Date rules? If so, any advice on how to avoid this from happening in the future?
We have a customer living in Japan requesting to receive payroll with a GIRO. We are not familiar with this payment option and wondered how it works. What are the risks associated with this kind of transfer?
We were recently told that the way we process Reg E claims (and have been since before I was here and never had an audit issue besides wording of a letter) is backwards.
Here are the few scenarios that will tell me which is right. It's September 2019:
1. If a customer comes in and says they haven’t balanced their statement for 5 years and just realized that $14.99 has been being debited from their account by Amazon since March 2016. Can you tell me what amounts or for what time periods they are owed and for which months/years?
2. If the same scenario happened but the first charge was on April 10th of
this year? Can you tell me what they are owed and for which months?
3. Last, if the customer comes in and says that he is balancing his
statements for the past two years and found several different charges that are fraud:
a. A cable bill that debited for two months after he revoked authorization in 2018.
b. Amazon Prime debited monthly for 12 months from June 2018 to May 2019 and he never agreed to it.
c. GEICO debited his account $113.00 when he hadn’t authorized it to debit his account for that payment in August 2019.
Are financial institutions required to give written notifications to customers when the bank gives credit for unauthorized ACHs?
How will the new FDCPA rules impact first-person collections?