Skip to content

ACH warranties after 60 days

Is there any recourse for unauthorized ACH transactions after the extended return period expires?

Yes! An ODFI’s potential liability under the Rules for breach of warranty is not limited to the RDFI’s return time frames. The ODFI’s liability is limited only by the statute of limitations for breach of contract claims under applicable state law. ODFI liability for a breach of warranty exists for seven years in some states. The RDFI may have to work with the ODFI out of network, but remedy (and ODFI liability) still exists.
Learn more about Rayleen Pirnie’s webinar ACH 201: Rules, Regs and Laws

First published on 04/26/2020

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics