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
New at #NewsNow: Fed regulators approve new #QRM rule. http://t.co/Bdz5q43xjZ
30 minutes ago
#NewsNow New league award honors Commitment to Cooperation http://t.co/OPt97flShn
1 hours ago
.@Fiserv renews $250K benefactor commitment to @fileneresearch #NewsNow #System http://t.co/tRrfmLNv0n
2 hours ago
#NewsNow Debit card use wanes due to security fears http://t.co/RK6WolpxpT
3 hours ago
Are consumers bailing on cards, going back to using cash? via @CrainsChicago http://t.co/PrZLjA4zUv
3 hours ago