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Validity : 13th Oct'21 to 23rd Oct'21
To ensure compliance with the NACHA Operating Rules, the RDFI must be aware of the options when returning unauthorized Returns and the ODFI aware of the different Return Reason Codes and what they mean. In this 90-minute session, the trainer will cover all the recently approved changes and details for returning an unauthorized transaction, that may be authorized but something may just not “be right” with the entry itself (date different/dollar amount different, including the details on the newly repurposed R11 Return Reason Code.
Differentiating between the specific reasons for sending an unauthorized Entry (using R10 or R11) is crucial when sending the right message back to the Originating company to help them further identify the specifics of “why” the Entry is being returned.
Identifying the details and how this additional unauthorized return reason code will require monitoring by the ODFI to comply with their reporting requirements (as defined by NACHA) during a phased approach beginning as early as April 2020 and going into 2021, will be covered. The trainer will use scenario-based examples to make these Rules changes easy to understand and apply to the daily ACH operations tasks.
This is a must-attend session, Register Today
Unauthorized Returns can be confusing and time-consuming. As an RDFI you have a right to Returns and when your account holder requests an Entry to be returned because it is unauthorized, are you up to date on the Rules? When sending unauthorized Returns, it is crucial to be in compliance with the NACHA Operating Rules. This session will provide the details on recent changes to the unauthorized return process.
When returning an Unauthorized Entry, there are now options based on the explicit reason for the unauthorized Return (Do you use R10 – the usual or should you use R11 – the newly “repurposed” Return Reason Code)? Included will be details for when an RDFI may be returning a questionable item (R17) will be covered.