Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUs Can Comment On NACHA Returned-Entries Proposal
WASHINGTON (9/9/13)--Credit unions can provide the Electronic Payments Association (NACHA) with comment on a proposal that would amend reason codes for returned entries.
 
The proposed changes would clarify that:
  • Receiving Depository Financial Institutions should use Code R03 if they choose to return an entry because the receiver's name on the entry does not match the name on the account; and
  • Receiving Depository Financial Institutions should use Code R04 if they choose to return an entry due to account number issues.
CUNA is interested in how this proposal would affect credit union operations and compliance on the ACH network.
 
The proposed changes are intended to be technical amendments, and NACHA believes the changes would benefit ACH participants by eliminating ambiguity currently associated with the use of these return reason codes.
 
The changes would also improve processing efficiency for RDFIs and Originating Depository Financial Institutions, according to NACHA.
 
The proposed changes would be effective March 20, 2015.ents for the proposed rule are due to NACHA by Sept. 20. CUNA seeks comment by Sept. 9.
 
Other Resources

CUNA Comment Calls
RSS





print
News Now LiveWire
Breaking at #NewsNow: President Obama signs IOLTA bill into law. http://t.co/5N741Bygmn
45 minutes ago
.@edmunds says the week between Christmas and New Year's is the busiest car shopping time of the year.
1 hours ago
.@CFPB sues Sprint for cramming 3rd-party service fees onto consumers' bills http://t.co/mhlMWqLKku
2 hours ago
#HomeDepot #databreach lawsuits consolidated in Georgia http://t.co/A4bei5z0mV
2 hours ago
Pennies, nickels cost more to make than they are worth @usmint report http://t.co/FOT51DF8v2
3 hours ago