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Rules for Paper Drafts Initiated by Telephone

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What are the rules for a paper draft initiated by a telephone request? We had a customer on 3/7 approve a draft for 3/31 and it was debited on 3/9. We returned it unauthorized per the customer. It is not an ACH TEL so what are the rules on this?

If you returned the item by your midnight deadline, you did so correctly. The issuer of the paper item didn't have a valid authorization until March 31, according to your customer. Be wary of a resubmission.

First published on 4/03/06

First published on 04/03/2006

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