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#1436865 - 08/31/10 03:32 PM ACH Items and Wire Transfers
ginship Offline
New Poster
Joined: May 2005
Posts: 8
TX
If we receive an ACH deposit or wire transfer and the acct. named is charged off, can we use the right of offset and forward a cashier's check for the difference?

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General Discussion
#1436968 - 08/31/10 05:03 PM Re: ACH Items and Wire Transfers ginship
ABrown Offline
Gold Star
Joined: May 2001
Posts: 279
Texas
Technically, according to the folks at SWACHA (I have sat thru many of their seminars and even retained a few things)if the account is closed, it's closed. Closed. You are not supposed to reopen it just to credit a deposit to it so that you can offset. Now, I am not saying that it hasn't been done, but my ACH auditor would tear me a new one if we tried it.

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#1437840 - 09/01/10 08:21 PM Re: ACH Items and Wire Transfers ABrown
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
agreed, account is closed is closed is closed...

and how would you explain to an inquisitive regulator that you opened an account that was previously closed without permission or documentation from the "owner" of the account.
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