Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUs Can Comment On NACHA Returned-Entries Proposal
WASHINGTON (9/9/13)--Credit unions can provide the Electronic Payments Association (NACHA) with comment on a proposal that would amend reason codes for returned entries.
 
The proposed changes would clarify that:
  • Receiving Depository Financial Institutions should use Code R03 if they choose to return an entry because the receiver's name on the entry does not match the name on the account; and
  • Receiving Depository Financial Institutions should use Code R04 if they choose to return an entry due to account number issues.
CUNA is interested in how this proposal would affect credit union operations and compliance on the ACH network.
 
The proposed changes are intended to be technical amendments, and NACHA believes the changes would benefit ACH participants by eliminating ambiguity currently associated with the use of these return reason codes.
 
The changes would also improve processing efficiency for RDFIs and Originating Depository Financial Institutions, according to NACHA.
 
The proposed changes would be effective March 20, 2015.ents for the proposed rule are due to NACHA by Sept. 20. CUNA seeks comment by Sept. 9.
 
Other Resources

CUNA Comment Calls
RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
10 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
14 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
15 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
16 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
16 hours ago