Question regarding the timing of information conveyed via an NOC. What is the time limit under which the information has to be used? In other words, if an NOC is sent today but the Originator does not send their next entry for 6 months and the information has changed during that time, who holds responsibility for the 'error'?
We are a FINTech and migrating to a new Sponsor Bank. We want to utilize the NOC process to notify Originators and ODFIs of the the ABA number change. Our current Sponsor Bank is concerned of repercussions of incorrect information after our contractual relationship has ended.