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Category: Question of the Month
June 2011 Question of the Month
Question: Our FI originated a PPD debit to our member's/customer's account at another FI and credited their loan account at our institution. The debit is returned to us as R10, but we have the authorization on file and it is still valid for this entry. Can we dishonor the return?
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April 2011 Question of the Month
Question: Our Financial institution has noticed a change in the formatting for Social Security payments there are XXs in the entry description. Is this a problem with our system or processor?
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December 2010 Question of the Month
ABC Bank originates ACH entries on behalf XYZ Payroll Company who does processing for over 600 companies that pay over 11,000 employees. Which of the following parties does ABC Bank need to have an agreement with?

a. 11,000 employees
b. 600 companies
c. XYZ Payroll Company
d. No agreements are required for this type of activity
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October 2010 Question of the Month
Question: We currently use R07 if the customer revoked authorization and the item came in again. We leave the R07 on as the return code. Should we return the first item as R07 and all future items as R08?
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August 2010 Question of the Month
In regard to the ACH Audit: How long must an RDFI retain records of entries? What constitutes a record of entry under the ACH rules? Can records be retained electronically?
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June 2010 Question of the Month
Question:
FI receives an IAT credit to John Doe's account on Friday, May 21st. The IAT addenda records were screened an no further action was needed because the item was not a suspect transaction. Which of the following is a true statement regarding the FIs funds availability requirement:
a. The funds must be available by the end of day on settlement date
b. The funds must be made available at 9am or whenever the FIs is open for business
c. The funds do not need to be made available until the FI has a reasonable belief that posting the transaction will not put them in violation of the law.

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March 2010 Question of the Month
Question: An account holder at my financial institution is instructing us to stop multiple payments from his insurance company while his car is in the shop.
1. Can we allow this?
2. How long does the stop remain in effect?
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January 2010 Question of the Month
A transaction was initiated with the ABA Number of Bank XYZ in the first 8 positions of the trace number. The transaction was initiated through a Service Bureau that had a relationship with Bank XYZ in the past. The transaction resulted in a $4,500 loss to the RDFI. Who is ultimately responsible for the transaction? A. Service Bureau or B. Bank XYZ
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November 2009 Question of the Month
Question: An RDFI receives a debit item to an account in which the name on the entry does not match the name on the account. The RDFI received this transaction on October 3rd and the item posted to the account. Two weeks later the account holder notifies the RDFI of this unauthorized transaction.

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August 2009 Question of the Month
Question: If my payroll needs to be sent as IAT, could my employees' availability be affected?
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June 2009 Question of the Month
Question
NEACH received a call this week from a financial institution with a concern about their origination software. The member was questioning whether their software would be creating the proper code for outbound IAT entries. Their question was how could the Financial Institution know the proper coding for the receiving country's ACH System or whether the receiving country even had a similar ACH network?

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April 2009 Question of the Month
Question: We save items that we return via Fedline for the WEB electronically as well as the hard copies. Do we need to retain both the hard copy and electronic copies of records for 6 years?
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February 2009 Question of the Month
When an ODFI requests that an RDFI return an ACH entry: 1- what is the return timeframe? 2- What is the proper return reason code? 3- Does the ODFI need to provide a letter of indemnification?
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November 2008 Question of the Month
An originating customer of ours has signed an agreement with ABC Payment Processing Company to handle creation of their ACH files. As the ODFI we will be alerted to a pending file and must download the file and then upload this file into the FIs Origination Application. As the ODFI do the NACHA rules require that we sign an agreement with the Payment Processing Company?
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August 2008 Question of the Month
Q. Which of the following methods of delivery between the RDFI and Receiver is not acceptable under the NACHA rules?
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May 2008 Question of the Month
Question:
A customer/member that had an ACH Withdrawal from his account in the amount of $500.00 from CreditCard USA is claiming they do not have a CreditCard USA account. The item came in as an ARC. What are my options?
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September Question of the Month
The ODFI's responsibilities regarding NOCs
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