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?
"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.
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?
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?
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
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?
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
by Mary Beth Guard, BOL Guru