Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
New Year brings new Nacha rule
Nacha has posted a notice on its site that a new rule on "Egregious Violations" will take effect on January 1, 2021.
The new Rule defines an “egregious violation” as a willful or reckless action by a Financial Institution, Originator, or Third-Party Sender, involving at least 500 entries or multiple entries totaling a minimum of $500,000. The ACH Rules Enforcement Panel will have the authority to determine whether a violation is “egregious.” If it is, the Panel can then determine whether it’s a Class 2 or Class 3 Rules violation. For Class 3 violations, Nacha will have the authority to report it to the ACH Operators, federal and state banking officials, consumer protection authorities, and other appropriate regulators and agencies.