A loan customer gave us permission to originate ACH transactions to pay his loan payments. I originated a payment on the 30th of the month and a
payment was posted to his loan. He then paid the loan in full. In error, I originated an ACH to refund the loan payment. Then I received a return of
the payment on the 30th from his bank for a closed account. But they did not return my refund origination for account closed. The bank confirmed to
me on the phone that the account is closed so I asked why they didn't return the refund for account closed, I was told they could not discuss the
transaction. What is the proper 'correction' method and wouldn't the bank
have some sort of responsibility to return ALL transactions on a closed
What is the number of calls we can make to a debtor weekly?
Our borrower routinely said it was OK to text them and we have that screen capture in our records. Can I contact them now to collect the debt via text messages?
Does the consumer requesting a remittance transfer have to be told when the funds will be available for the recipient?