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Compliance Requirements and Guidance for Stop Payments vs Unauthorized Entries
- Specific Rules regarding Stop Payments for consumer vs corporate accounts
- Timeframe for a Stop Payment (single and recurring entries)
- Responsibilities of the RDFI for Stop Payments
- Difference between a Stop Pay form and a Written Statement of Unauthorized Debit (WSUD)
- 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
- Warranties of the RDFI when transmitting Extended Return Entries
- When do I use the Return reason code R07-Authorization Revoked?
Overview of the webinar
Have you struggled with the question – “When do I use a Stop Pay form and when do I need a Written Statement of Unauthorized Debit (WSUD)?” This is YOUR session! The trainer in this session will provide examples of when to use which form and why plus tying this information back to what the NACHA Operating Rules state to ensure you are in compliance each time you help your account holder with their request.
Key points illustrated will assist your customer service and front-line staff as well as your operations staff. In this session, the trainer will:
- Define the Rules surrounding Stop Payments
- Identify the difference in the Rules between a consumer and non-consumer Stop Payment
- List tips that will help customer service and frontline staff to ensure they are asking the right questions of the account holder
- Outline what an unauthorized transaction is and when to use a Written Statement of Unauthorized Debit (WSUD)
- Review timeframes for Stop Payments and Unauthorized Payments
- Illustrate what constitutes an entry to be returned as authorization revoked vs. Stop Payment vs. Unauthorized
- Describe through the use of scenarios – the what, when and how of Stop Payments and Returning Unauthorized Entries
Who should attend?
- Financial Institution professionals (new/current operations staff)
- Banking Operations managers and staff
- Compliance and Risk professionals
- Treasury Management professionals
- Aspiring and current AAP’s (Accredited ACH Professionals)
- Banking Managers/ SupervisorsAudit and Compliance Personnel / Risk Managers
Why should you attend?
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 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.
Faculty - Ms.Donna Olheiser
Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. She is an enthusiastic and energetic Certified Master Trainer with over 14 years’ experience. She has designed and facilitated over 150 training sessions each year with her expertise being the rules for companies and financial institutions when processing electronic (specifically ACH) payments, then scheduling the events to facilitate/deliver the material through a variety of venues (webinars, teleseminars, in-person workshops, including regional and national conferences).
Ms. Olheiser is also an experienced project manager managing education programs for organizations per their requests on processing electronic payments while developing personalized training programs for financial institutions. She has over 23 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).
Her extensive knowledge, enthusiasm, and passion for transferring payment processing knowledge using the adult learning theory is remarkable and has helped many payment professionals perform daily operational tasks including exception processing while remaining compliant with the NACHA Operating Rules. She uses scenarios and examples to bring the learning home, easy to comprehend and apply to real-life day-to-day ACH processing. Ms. Olheiser’s ability to engage the learner through the entire training event helps the adult learner apply what they’ve learned during and after each training session.