This session outlines a banks responsibilities to the Federal Government if a beneficiary is deceased but still receiving benefit payments. The NACHA Operating Rules still apply when processing these payments but the Green Book outlines the exceptions when handling DNEs (Death Notification Entries) and Federal Government Reclamations. We will also explore the bank's liability for other types of Federal Government payments and other types of reclamations a bank can expect to receive. Participants demonstrate their knowledge by successfully calculating the banks liability for given situations and by passing a course exam.
- How and when 31 CFR Part 210 applies to payments
- How and when to process Death Notification entries
- Bank notification of knowledge of date of death of a customer
- Timeframes, tips, and best practices when returning ACH entries of deceased customers
- Return Reason Codes to use when returning certain benefit payments
- Processing Federal Government Reclamations, including timeframes and limiting the banks liability
- Difference in liability and handling between Commercial and Government Reclamations
- Tips on handling incoming ACH entries on accounts where the beneficiary is deceased
- What to do when the government claims your customer is deceased, but they are not
WHO SHOULD ATTEND:
This informative session is designed for anyone in the bank responsible for managing payments risk including Operations, Operations Managers, Risk Manager, Compliance, Compliance Officer, Auditors, Electronic Banking, Branch Manager, Call Center, and Trainers.