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#2240798 - 08/07/20 05:30 PM ACH Deposit into Account Not Owned by Beneficiary
hatman Offline
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Joined: Nov 2009
Posts: 64
Curious to know other bank's procedures when an ACH posts to an account that does not list the beneficiary as an owner of the account. Do you return it, contact the customer and ask that the beneficiary be added to the account, allow it to post if the beneficiary lives in the same household, post it without concern, etc.? Thanks.

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#2240805 - 08/07/20 06:37 PM Re: ACH Deposit into Account Not Owned by Beneficiary hatman
HappyGilmore Offline
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Pulling people out of the ditc...
if it comes to our attention, we return it. however, since ach posts by account number, these are infrequent that we become aware, only if there is a reject or someone notifies us
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#2240813 - 08/07/20 07:13 PM Re: ACH Deposit into Account Not Owned by Beneficiary hatman
hatman Offline
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Joined: Nov 2009
Posts: 64
With all the PPP, EIDL, and stimulus payments, we kept getting warnings about potential ACH fraud, so we started looking closer. Already caught one decent size scam that allowed us to protect our customer! We don't want to go overboard but feel we should monitor more closely to protect us and our customers. Just looking for some ideas from others doing the same. Thanks.

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#2240831 - 08/10/20 03:52 PM Re: ACH Deposit into Account Not Owned by Beneficiary hatman
John Burnett Offline
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John Burnett
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One common exception is the SSA benefit for minor children, which can be direct deposited to an account in a parent/guardian's name (rather than an account designated as a "Rep Payee" account), especially when there is more than one child receiving the payments.
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#2240876 - 08/11/20 03:18 PM Re: ACH Deposit into Account Not Owned by Beneficiary hatman
John Burnett Offline
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John Burnett
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Cape Cod
Another exception, of course, is a business that's a Rep Payee, such as a nursing home.
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