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ACH Fines for Unauthorized Transfers

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Our bank has heard that NACHA is going to start imposing a $18.00 fee for every unauthorized payment transaction processed. Is this true and if so do you know when it will go into effect?

There is a proposal published by NACHA (read about it here) to assess a fine of between $13 and $18 on ODFIs when specific return transaction types are processed. All of the return codes are for unauthorized transfers. Most of the fine would be passed back to the RDFI to compensate it for the costs of handling the return.

The comment period on the proposal expired at the end of November. If implemented, the stated target date is June 17, 2005.

First published on 1/17/05

First published on 01/17/2005

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