Our business customer says they have proof that another business fraudulently debited the customer’s account multiple times over the past 2 months via ACH CCD, then disappeared. Since they can’t get their money back from the other business, the customer wants the bank to return the transactions. Can we return the transactions with our customer’s “evidence” of fraud?
When identifying a consumer’s deposit account in a notice under the Payday Lending Rule, can we use a truncated account number?
Can we open a personal account and label it “Farm Account” and let the customer operate a business out of it?
1. Does a customer need a reason for a stop payment?
What are some solutions available to help our bank detect possible fraud faster? Does one solution work for every account type (business and consumer)?