Latest Compliance - Return Items/Checks Topics

ACH Return Transaction Using Code R23

05/19/2019

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.

Complete Listing of Check 21 Return Codes

07/01/2018

Where can I find a complete listing of Check 21 return codes?

Informing Other Bank About Bounced Check

04/29/2018

"A" deposits a check from individual "B" in his account. The check bounces. Both banks are located and do business in Los Angeles county. How long (or how many days) the bank has to inform "A"? - Please include the code / regulation reference. - I understand that depending on different factors it could take from couple of hours up to 2 business days (for the bank) to find out that a check has bounced .... the question is when the bank finds out (a) the bank is obliged to inform A and (b) within xx number of days.

Timing on Returned Deposited Items

03/11/2018

Our customer deposited a check on 2/6/17. We received a NSF return on the 9th. On the 9th we re-presented the item but did not get the 2nd NSF return until 2/16/17. On 2/16, I submitted a Fed Adjustment (late return) but failed to include the image of the item so it was rejected by the Fed on 2/27. On 3/1/17 I resubmitted the return with the required documentation. On 3/24 I received a reversal stating "Please deal directly with the Drawee Bank. Our files are now closed. Thank you" Is there a time limit for when the depository bank can make a late return claim for a 2nd representment? Since I made that error, are we now too late to make the claim? What is our recourse or do we have any?

Amount of Tries When Returned for NSF (MLP)

01/14/2018

How many tries does an ACH have upon being returned for NSF for a monthly loan payment? Is there a law or regulation that states an ACH cannot be sent out more then 2 times in a one month period in MN?

Availability Date: Reg CC Notice for Charge-Backs

08/20/2017

Is a funds availability date required when using the Reg CC hold notice for large dollar charge-backs? The regulation requires you to state on the notice when the funds will be available, however, when you know the item will be charged back then are you not incorrectly informing the customer?

Regulation E and ACH represented check entries

07/03/2016

One of our consumer customers overdrew her account and we returned the check unpaid. The payee converted it to a represented check (RCK) ACH entry that we paid. Our customer claims the ACH entry wasn’t authorized. Should we handle her claim as a Regulation E error claim?

Notification of Large Return Item: Over 2,500

09/01/2014

I was told that it was no longer required to send notification of Large Return Item to the bank of first deposit, when returning items 2,500 and over.

Options For Placing Holds On Large Overseas Checks - Mary Beth Guard

08/11/2003

Life After The Moratorium

02/07/2003