Do you often wonder when to use a Stop Pay form and when to use a Written Statement of Unauthorized Debit (WSUD)? This is YOUR session!
The trainer will provide several scenario examples when a financial institution and their account holder are dealing with (1) a request to stop payment, or (2) they revoked/canceled the payment, and sometimes (3) their account being debited by a company they never authorized (where it is already posted to their account).
The Nacha Operating Rules have specifics for you to follow to be sure you are complying each time you help your account holder with their request(s).
Each participant in the ACH Network is required to follow the Nacha Operating Rules and be compliant. There are several NEW amendments recently passed that will change the ACH Network processes – this is a NEED to know!
This session will provide an overview of the changes to Same Day ACH (SDA)-(effective March 2021), the Unauthorized Return process with a new Return Reason Code R11, and the ACH Contact Registry (both effective in 2021) – NEW!!! and more!
Details on the new amendments to the Nacha Operating Rule on Limitation on Warranty Claims, the Reversal Process and Rules Enforcement changes surrounding reversals, and Meaningful Modernization to enhance the ACH Network to keep up with changes in the payments landscape (all effective in 2021). Plus, updates on the most recent Rules amendment that includes clarifying the roles and responsibilities of Third-Party Senders (TPS) in the ACH Network by; addressing the existing practice of Nested Third-Party Sender relationships, and more (effective in Sept 2022)
Recent “minor Rules changes” made Stop Payments different in the Rules with the language used and what happens with Stop Payments due to Meaningful Modernization. Customer service, frontline, and operations staff struggle each day with the question – “What does my account holder want me to do…Stop this payment, return it, or perhaps they revoked it, -- what are my next steps?” Return Reason Codes R10 vs. R11 when returning unauthorized transactions will be discussed in detail. This training program will help find answers to these struggles. Stop Payments and Unauthorized transactions (including revoked transactions) are still the number one issues when processing exceptions for ACH transactions daily
Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. Donna is an enthusiastic and energetic Certified Master Trainer with over 14 years’ training experience. She has designed and facilitated over 100 training sessions each year with her expertise being the rules for companies and financial institutions when processing specifically ACH electronic payments, then scheduling the training events to facilitate/deliver the material through a variety of venues (webinars, teleseminars, in-person workshops, including regional and national conferences). Donna has over 24 years of experience in the financial services industry which includes 9 years’ experience as the education service director at a Regional Payments Association (RPA), where she managed and facilitated the entire education program for nearly 800 financial institution members. Prior to that, Ms. Olheiser spent 14 years in various departments with the Federal Reserve Bank of Minneapolis and also holds the Accredited ACH Professional (AAP) designation (achieved in 2004).