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FASTER Payments Effect on Stop Payments and Unauthorized Entries

Compliance Key INC - Financial Compliance Training


Overview
The NACHA Operating Rules have specifics for you to follow to be sure you comply with the Rules each time you help your account holder with their request(s), whether it's a Stop Payment Request or Returning an ACH Unauthorized Entry. 
Customer service and operations staff struggle each day with the question -"What does my account holder want me to do.Stop this payment, I never authorized this, return it, they revoked it, -- what are my next steps?" 
This training program will outline the best process and introduce the effect of Same Day ACH on processing these types of ACH Returns. 
Key points illustrated in the program in the form of case studies will assist customer service and front-line staff as well as identify details for operations staff.
Why should you attend this webinar?
This 90-minute information-filled session covers everything you need to know about Stop Payments and doing Extended Return Entries (a.k.a. Unauthorized Returns, Authorization Revoked and Improper Entries). Timeframes will be covered, including the effects of Same Day additional windows to allow for a "Faster Return" process.
Details include when should you use a Stop Payment form, when to use a WSUD (Written Statement of Unauthorized Debit) -and what needs to be on each of those forms, and why, will be covered in this session.
Relying on the SEC Code when doing Returns is a big deal and will be addressed in this session - What is the SEC Code of the Entry you are Returning - will determine what Return Reason Code and the timeframe plus the paperwork needed or not.
Areas Covered in the Session:
  • Elements required for the WSUD - according to the NACHA Operating Rules
  • What is an unauthorized transaction, timeframe to return and when you need a completed and signed WSUD
  • What is Authorization Revoked - What does this mean to me as a financial institution when returning an Entry
  • When do I use the Return reason code R07-Authorization Revoked?
  • Warranties of the RDFI when transmitting Extended Return Entries
  • Specific Rules regarding Stop Payments for consumer vs corporate accounts
  • Timeframe for a Stop Payment (single and recurring entries)
  • Responsibilities and warranties of the RDFI for Stop Payments
  • Identify when to use a Stop Pay form and when a Written Statement of Unauthorized Debit (WSUD) is necessary
Who can Benefit:
  • Financial Institutions
  • ACH Operations Departments
  • Audit Departments (within financial institutions)
  • Third-Party ACH Processers
  • Companies who process electronic payments (ACH payments specifically) ACH Operations staff
  • Compliance Officers
  • ACH Managers
  • Electronic Payments Professionals
  • AAP's ? keeping up with changes in ACH Rules and wanting to earn AAP Continuing Education Credits

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