06/06/2005
I work at a credit union in the ACH department. Discussions were made today of how to "prevent" or "protect" our credit union members from fraudulent ACH activities posting to their accounts. As it is done now, once the member discovers an unauthorized debit to the account, an affidavit of unauthorized activity is signed. We place the funds in question back in the account and return the debit to the originator. Is there such a thing to prevent this rather than recover?
05/02/2005
When a stop-payment order is made, is it typically good for six months, regardless of the number of times the item is presented, or does the stop payment end after the first time the check is presented for payment? Do stop-payment orders also apply to ACH transactions?
05/01/2005
U.S. Bank is offering electronic cash letters depositing for business customers that receive and process payments in their own lockboxes.
05/01/2005
- 54% of businesses surveyed said increased use of ACH credits would reduce fraud.
03/21/2005
If a savings account becomes overdrawn due to an ACH item, can the bank charge an NSF fee the same as for checking accounts?
03/09/2005
Dealing With Unauthorized Drafts:
Fed Proposes Reg. CC Solution
John S. Burnett, Associate Editor, BankersOnline.com
02/25/2005
02/07/2005
When we receive an ACH on a savings account and there are not sufficient funds to pay the item, can we legally charge an overdraft fee?
02/07/2005
Our financial institution currently offers passbook savings accounts. These accounts can be accessed at teller windows for withdrawals, and also may be accessed for preauthorized transfers such as ACH. According to Regulation E, we are required to send periodic statements to accounts that have electronic fund transfers; however, under section 205.9(c)(1)(i), passbook accounts are exceptions to periodic statements if the accounts may be accessed ONLY by preauthorized transfers. Are we required to send monthly statements to our passbook savings accounts?
01/31/2005
Are there any limits on the number of times an ACH debit, which is a recurring payment, may be presented for payment? The first time it came in and was returned as NSF, causing an overdraft fee, and then came in again within a couple of days, causing another overdraft. I was wondering if there was some limit on the number of times it could be presented. A check usually is only presented twice and then it is stamped "Do not re-present." This could get expensive for the customer if the vendor sends it daily.