Compliance help has arrived. Check out our podcast and hear the scoop about Nacha and Reg E error resolution requirements
posted by Luann Kohlman, AAP, APRP on Tuesday, December 29, 2020 in SHAZAM Blog
60 days from statement date or 60 days from settlement date? Does it sometimes seem like the Nacha operating rules for error resolution of ACH conflict with the Regulation E requirements? It can be hard to determine which rules apply and which 60-day rule to follow. SHAZAM teamed up with Payments Professor Kevin Olsen to discuss the differences in a recent podcast.
Background
Under Reg E, financial institutions are obligated to investigate accountholder disputes regarding unauthorized electronic transactions for ACH, ATM and debit card entries within 60 days of transmission of the consumer’s account statement. The Nacha operating rules reference 60 days from the settlement date for its return timeframe.
SHAZAM senior risk consultant Luann Kohlmann recently joined Payments Professor Kevin Olsen’s podcast to discuss, in layman’s terms, how to correctly process your accountholder-reported unauthorized and improper ACH transactions to comply simultaneously with the ACH rules and Reg E. The podcast conversation is fun, yet very insightful. Have a listen!
Start 2021 off right with a clear understanding of how to be compliant. Should you have any questions, contact Luann. Feel free to share this information.
Happy new year!
About the Author
As a senior risk consultant, Luann uses her years of electronic payment experience to assist financial institutions in completing their annual ACH audits and BSA exams. She calls upon her ACH expertise to provide risk mitigation training and guidance to SHAZAM participants.
SHAZAM, Inc. and ITS, Inc. provide this blog for general informational purposes only. Our blog may be shared by a direct link wherein the content remains as originally presented and has not been altered. SHAZAM, Inc. and ITS, Inc. assume no responsibility for errors or omissions in the contents on the blog. By using this blog, reader agrees that the information published does not constitute nor is a substitute for legal advice which should only be sought from a qualified, licensed attorney.
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