How do I process third party cashier checks electronically? I have a merchant account services that allows me to submit my checks (business, personal, cashier, bank draft) via a program. The problem is that the check goes to the bank for processing under my business name and not the payee name.
If a customer "opts in" to have their statements provided in their online banking, are we obligated or regulated to send them a paper statement AND online statement the 1st month their statement cycles?
If we offer an account without check writing, does a "wet" signature need to be obtained during account opening or can that step be eliminated?
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?
In most cases, when an EFT error (ACH) is reported to us, the investigation is initiated immediately and completed within 10 days. Our bank requires written confirmation for all EFT errors that are reported. We realize that without written confirmation, it does not delay the initiation or completion of the investigation. However, what are our requirements for crediting if the customer does not give us written confirmation within 10 days? Do we have to follow the provisional credit rules? Or do we just let the reported error “hang” until we get that written confirmation?