If an ACH debit is presented and overdraws an account, that account shows the next morning on a list of overdrawn accounts. Can the ACH be reversed at that time?
Do return (chargeback) ACH transactions have to be broken down individually (online or on consumer statements) or can the multiple returns be sent back to the originating deposit system and on the customer statement as an aggregate (total of all returns) return amount?Does Reg E cover commercial accounts or only consumer?
It is my understanding that if we are the originator of an ACH, we (the bank) must post the outgoing transaction two days before the debit is supposed to occur. Is there any regulation that says we can't at that time debit the customers account for the debit as well?
Do ACH transactions include wire transfers and EFTs?
The FFIEC has now released the seventh booklet in a series as part of its FFIEC IT Examination Handbook.
If NACHA's 60 day rule only applies to consumer accounts for EFT unauthorized returns, how do we proceed on business accounts?
Our bank has several Christmas Club accounts that accept payroll deduction direct deposit credits from one of our significant business customers. Many of their employees have no other deposit relationship with our bank. Do we have to issue a statement on these club accounts under Regulation E?
What are the compliance rules involved with DNE notification on ACH's?
What are other banks telling their customers about electronic check conversion? There has been no mention of it in the media and customers are coming back to us angry that "we" are destroying their checks and it is "our" fault. We have no idea what the vendors (American Express; Wal-Mart, etc.) are doing with their copies/images of the checks and customers are expecting us to know. Have standards been issued for the vendors as to how long or what they have to do with the check before it is electronified?
I have been asked to furnish a copy of our ebanking Policy and Procedures. Is the policy covering our overall electronic banking including network, ATMs, ACH, etc. sufficient, or should we have a policy just for Internet banking?