I am wanting to find the rules and regulations for re-presenting an ACH once it has been returned NSF. Once I receive notice that the ACH has not cleared, I then reverse the payment from our customer's loan, charge him/her a fee and then wait until I can verify with the customer that funds are available for me to run the ACH again. Can I run the ACH again without approval from the customer? Or, must we have notified the customer previously that we will attempt to collect on the ACH a designated number of times such as when collecting an NSF check which has been converted to an ACH item?
I need clarification on error resolution and customer liability as it relates to ACH and Reg E transactions. For what/when does a consumer become liable and for how much when there is an ACH error, and what is the timing for reporting it? I have read that NACHA will reimburse up to 60 days from date of transaction, which is different from Reg E, which is 60 days from first statement.
by Rob Robinson, Camels Eye, Ltd.
A customer has currently placed stop payments on two of the customer's checks to the same company. The checks were returned to the company through the Fed. Today the company sent an ACH withdrawal to the customer's account for the combined amount of the two checks. Can they do this? We sent the ACH back to the company.
I have a payroll question for you. We have our payroll transmitted by ACH files. The company that does our data processing is memo posting our payroll to employees accounts on a Saturday when actually the paydate is on Monday. This is in turn giving our empoyees the use of the funds over the weekend when our payday is not until Monday. i.e. paydate is 3-31-03 and ach file is dated 3-31-03. Our processor is memo posting these credits to our employees' accounts on Saturday 3-29-03. When I contacted them they said that is the way ACH credits work. Is this so? I cannot find a clear answer in the 2002 ACH rules publication.
We have customers complaining that they mailed a paper check for a payment and the company converted the check to an ACH transaction. Where can I find for the customer the statutes or regulations that authorize such transactions?
- The average ATM surcharge is now $1.47 - the most common is $1.50, with more institutions than last year charging $2.00.
I would like to hear about any new products or services being offered by any size bank in the US.
When a joint accountholder dies, what is the usual procedure for setting up new signature cards? Example: John or Jane Doe has an account with John's social security number listed first, and John dies. Some customers never come in to change the account, and we eventually call them and ask them to come in and do new signature cards. We have a trust account now that the husband died, but do we automatically draw up new signature cards, or what?