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#1469495 - 11/17/10 09:47 PM Another ACH Audit Question
ackcompliance Offline
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Joined: Nov 2009
Posts: 139
I am working on the ACH Audit and had one question so far..... My question pertains to the minimum description standards on a consumers statement. The question in my audit workbook asks "Do Consumer Account statements contain the minimum descriptive information for each credit or debit entry," and then it refers me to OR25 in the ACH Rulebook. After looking that up it says that an RDFI must make available to each of its receivers information concerning each credit and debit entry in accordance with appendix four. So I look it up on page OR109 and our statements show all of the information listed except for what is listed under letter (l). It says that addresses and telephone numbers should be listed to be used for inquiries or notices of errors preceded by "Direct Inquiries To" or similar lanquage. Ok, so is that refering to our banks telephone number and address or is it refering to the originator's address and number? If it is refering to our banks number then the rulebook should leave out the language "concerning each credit and debit entry."

Maybe I think too much into this. So please let me know what you think....Any opinions on this would be greatly appreciated.
Thanks!!

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#1469722 - 11/18/10 03:08 PM Re: Another ACH Audit Question ackcompliance
A_G Online
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Joined: Jul 2004
Posts: 18,958
It's referring to the Bank's Reg E error resolution notice. It probably comes standard on your statement paper.
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