Industry Alerts

Industry Alerts

Industry Alerts provides member financial institutions with critical information; such as changes to the NACHA Operating Rules, Requests for Comment, notices from Treasury, NEACH cancellations, and other important and often time-sensitive information. This is a members-only resource. Login for access.  


 

Jan 11
2021
ALERT: IRS Changes Policy, Will Reissue Some Misdirected EIPs

The Internal Revenue Service (IRS) has announced that it has changed its position, and will reissue some Economic Impact Payments that had been mistakenly sent to tax preparers and were returned by those tax preparers to the IRS per IRS instruction.

Jan 8
2021
ALERT: IRS Changes Policy on EIPs Mistakenly Sent to Tax Preparer Accounts

The IRS has changed its policy on EIP2 payments by ACH that were mistakenly sent to tax preparer accounts. The IRS now says that if a tax preparer is able to identify the final, ultimate bank account of the intended recipient, it can move the money to that account instead of returning the funds to IRS. This is a change from the prior information which stated that in such cases the funds must be returned to the IRS. The IRS says that it is already aware of organizations and tax practitioners that are “forwarding” the funds from these erroneous EIP2s. Some RDFIs have already started to receive EIP2 ACH credits being sent from tax preparation companies.

Jan 4
2021
ALERT: Nacha Learns of Large IRS Error Issuing EIPs

Nacha has learned that the IRS has made a large error in the issuance of Economic Impact Payments (EIPs).

Dec 31
2020
ALERT: EIPs by ACH Are In Process; Effective Date is January 4, 2021

The IRS and the U.S. Treasury have confirmed that 113 million EIPs by ACH are being processed this week, with an effective date of Monday, January 4, 2021. Under the Nacha Rules, RDFIs must make funds available by 9:00 a.m. (RDFI local time) on January 4. The EIPs by ACH will be identified with a Company Name of “IRS TREAS 310” and a Company Entry Description of “XXTAXEIP2”.

Dec 7
2020
ALERT: Nacha Request for Comment

Nacha requests comment on a proposal for a series of three additional increases to the dollar limit for all Same Day ACH payments.  Since its inception in 2016, enhancements to Same Day ACH have been implemented on a set schedule.  In March 2020, the initial dollar limit on Same Day ACH payments was increased to its current level of $100,000.  The increase had an immediate impact on Same Day ACH usage, as the average amount of a Same Day ACH payment increased by 40%.  Nacha now seeks comment on additional increases to the Same Day ACH dollar limit.  Responses on this proposal are requested by Friday, January 22, 2021.

Dec 2
2020
NEACH Announces New Board of Directors Members

Burlington, MA, December 2, 2020 – The New England Automated Clearing House (NEACH) announced the appointment of four new members to its board of directors: Scott Ambroceo, Senior Vice President- Head of Operations and Human Resources, Coastal Heritage Bank; Jeannine Hardy, Vice President – Cash Management, Salem Five Bank; Benjamin Lannin, Vice President and Payment Risk Manager, Avidia Bank; and Patricia Mullin, Senior Vice President, Director of Treasury Management, Cambridge Trust Company.

Nov 23
2020
NEACH Announces Steve Roy of Tricorp Federal Credit Union as New Board Chair

Burlington, Mass., November 23, 2020 — The New England Automated Clearing House (NEACH) today announced the appointment of Steve Roy, President and CEO of Tricorp Federal Credit Union in Westbrook, Maine, as board chairperson.

Oct 19
2020
NEACH Announces Rayleen Pirnie, AAP, CERP, as Director of Risk and Fraud

Burlington, MA, October 19, 2020 – The New England Automated Clearing House (NEACH) today announced that Rayleen Pirnie, AAP, CERP, has joined the company as the Director of Risk and Fraud.

May 13
2020
NEACH Announces Connie Loveland of Fidelity Bank as New Board Chair

The New England Automated Clearing House (NEACH) today announced the appointment of Connie Loveland, Chief Financial Officer and Treasurer of Fidelity Bank in Leominster, Mass., to its board of directors as board chair.

Mar 31
2020
Postponed: Payments Management Conference to take place November 15-17, 2020

In light of the COVID-19 pandemic, NEACH, with the support of its Board of Directors, has decided to postpone the 2020 Payments Management Conference until November 15-17, 2020. The conference was originally slated to be held May 11th-13th. 

Mar 20
2020
Same Day ACH Dollar Limit Increases Today to $100,000

A major enhancement to Same Day ACH begins today, as the dollar limit per payment quadruples to $100,000.

Mar 16
2020
NEACH Update: COVID-19

The COVID-19 situation is especially troubling with significant consequences across all sectors of society. Aggressive and preventative measures are being taken to protect our individual and collective health. This an unprecedented situation which requires many of us to adjust our normal practices.

Mar 12
2020
Reminder Regarding ACH Responsibilities to Financial Institutions Potentially Impacted by Coronavirus

In light of the potential impact of coronavirus, Nacha reminds financial institutions of the importance of reviewing their business continuity plans to ensure that they are prepared to maintain ACH payment processing capabilities in the event of possible disruptions. 

Nov 6
2019
NEACH to Develop Companion Documents Around Recently Launched Faster Payments Playbook

‚ÄčBurlington, MA – November 6, 2019 – The New England ACH Association (NEACH) announced that Nacha, its Payments Innovation Alliance, and the U.S. Faster Payments Council (FPC) released the Faster Payments Playbook. The Playbook is an online educational platform for banks and credit unions to develop a faster payments strategy from an idea to reality. 

Sep 20
2019
ALERT: Members Receiving Duplicate Medicare Debits

Please share this information with all departments that process ACH and Check Transactions within your financial institution. This alert is provided for information purposes as part of NEACH's member services. Your membership in NEACH helps support NEACH advocacy initiatives at the national level. 

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