A “big box store” converted a payroll check drawn on our business customer’s account into an ACH POP entry. Our customer didn’t authorize the conversion, and he’s going ballistic. Can we return this entry?
Who can receive supporting documentation?
We paid an ARC entry that was created from our cashier’s check. We’re concerned the original check might also be presented. Can we stop payment on the check?
Can fair lending violations be expensive?
The loan estimate must be delivered or placed in the mail not later than the third business day (general rule) after receipt of the consumer's application. As long as you can document that the email was sent not later than the third business day you will be fine.