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.
Is there a possibility that POS transactions can be returned the same way ACH transactions are?
Under what legal authority could we as the depository bank seek to recover a check timely returned by the "midnight deadline" when multiple prior checks were not timely returned by the "midnight deadline"?
We received a call from a credit union on 9-1-21 informing us that a cashier's check on them was fraudulent. We sent that check out on 8-5-21. We waited 10 business days to give the customer credit. (8-20-21)
The customer has spent more than half the funds but I placed a hold on the remaining amount. Do credit unions not return through the Fed like banks? They sent us an Indemnification Agreement to sign and send the funds back. Could this be considered a Late Return? Help!
We had a foreign check returned to us from the clearing US bank. The date of deposit was June 11 and we are just getting it back more than 4 months later. Are we able to refuse this?
I received a declaration of unauthorized endorsement or altered item from an institution. The check was made to three parties, however I do see that one endorsement is missing. This check was deposited in July 2016. Is the bank of first deposit (us) liable for this item 39 months later: What is the time frame for this return?
We returned three checks that were written on 8/22 and 8/23 as forgeries. Today, I received a claim of late return. I thought we had 60 days to
return these; can you please clarify the parameters for this?
For an ACH transaction we (RDFI) have received, we believe a third party made the payment to an account and we (as RDFI) would like to return it. May we return it using the return code R23? R23 description sounds as if the recipient account holder should return the transaction.
Where can I find a complete listing of Check 21 return codes?