Do you know if a customer can opt out from a merchant processing their check via remote capture and force the merchant to deposit their check via a conventional over-the-counter deposit? Does the merchant have to reveal that they are utilizing remote capture?
Is there any scenario in accordance with Regulation E when the originating bank has the ability to return/reclaim the funds for an ACH claimed as unauthorized by their account holder?
I recently read in some training that we did that if an EFT has a stop payment put on it that it will stop any and all future transactions for any amount of time until the customer contacts the bank and asks them to resume payments. Is this true, or can we place a normal stop period of six months on an EFT like we would for a paper item or check?
Do we need to follow the Reg E rules when a customer signs an affidavit for unauthorized or revoked ACH debits? We currently issue immediate credit once the affidavit is completed. Should we be doing something different? Do we need to use the Reg E guidelines or just the NACHA guidelines?
Relative to Reg E, a client notified the bank that unauthorized charges were posted to his checking account on 1/12/06. The charges were posted 10-27, 10-28, 11-3, and the statement was cut 11-22. He notified us within 60 days of the statement, but NACHA states 60 days from settlement date. We originally provided provisional credit, but when the claim was denied from ACH, we took provisional credit back from the customer. I feel the bank is in error and a refund is due to the customer since regulation states 60 days from statement. Do you have an opinion?
How does Check 21 affect the ACH or EFT transaction? Does it allow for posting (debits and/or credits) to accounts on Saturdays, Sundays and Holidays?
With paper checks converted to electronic checks, how should E-checks requiring two signatures (no longer can verify that two signatures are there) be handled?
What are our bank's options in terms of returning an electronic check that posted 15 days ago to a customer’s account which the customer did not authorize?
I attended a seminar Wednesday 1-11-06 on ACH returns. I have a question regarding customer notice to the bank of unauthorized ACH entries. You say the customer must notify the bank within 15 days of statement delivery, but what we are reading in Reg E indicates the customer has 60 days to report unauthorized entries. Please clarify.
by Jimmy Sawyers, BOL Guru
Director of Consulting
Reynolds, Bone & Griesbeck PLC