Does a bank 'have' to have an ACH Risk Assessment? Nacha Appendix Eight lists areas that should be audited, and suggests other areas internal audit should look at, including the ACH Risk Assessment; but doesn't clearly state whether or not one is required to have.
Can a client be charged an overdraft fee for a reoccurring payment using a debit card if it overdrafts the account?
According to 12 CFR 229.33 (a) a paying bank must notify the depositary bank for returning of large dollar checks; does this also apply to returning large dollar electronic charges?
We have accounts that require two signatures. When the customers have gone to places such as Walmart or Sam's Club, the check was scanned and handed back to them and a draft presented. Therefore, the signatures could not be verified. It's not the customers' fault, but we in turn, return the check for the reason "two signatures required" which I don't agree with but what else can we do?
We submitted an ACH PPD on 6/23/11. We received it back on 6/28/11 with Return Reason Code R01. Is this considered a late return?
Can an institution accept a deposit by matching a name or social security number if the account number is invalid?
I am trying to find recent cost savings for converting from paper to ACH. I have been using $.80 savings for converting a credit and $.05 for converting a debit. I think these figures came from the old Fed Functional cost analysis. Any help would be greatly appreciated.
How should we handle a situation when an ACH debit is presented, and then later an electronic image of the paper check is paid against the account for the same check? It is now past the twenty-four hour return deadline.
We were just notified of the death of one of our debit cardholders. He passed away over the weekend. The person who told us about his passing is an authorized signer (not a joint owner) on our customer's account, and also has a debit card that accesses the account that she used to do shopping and other errands for our customer, who was often too ill to go out on his own. We know that we have to watch the account and stop paying any checks our customer drew once ten days have passed since his date of death, but what do we do about transactions conducted by the authorized signer, by check or by debit card?
With all the new advances in online banking, what are the rules concerning online banking transfers between two business accounts (corporate, LLC, partnership) with two different tax ID numbers, but both are owned by the same person?