Event Details*
Monday, April 03, 2023
Webinar; 1.2 AAP/APRP/NCP CEU Eligible
Level: Beginner
Event Registration**
Member Price: $225.00
Non-Member Price: $325.00
In an ideal world, there would never be a need for a Financial Institution to get involved in transaction disputes between paying and receiving parties. Unfortunately, the world is far from perfect. There are multiple scenarios when a Financial Institution must get in the middle of situations to resolve stop payment requests for their account holders. Regulation E states that for electronic transactions, "A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer." The ACH Rules have similar requirements for ACH transactions.
Financial institutions must act upon an account holder's request to stop a payment that may present against their account. It sounds simple, but many factors come into play depending on the stop-payment scenarios. Not all stop payments are the same and understanding the account holder's intent is a critical first step. Many requirements must be met to process a stop payment correctly, such as how the request was received, what type of payment it is, what rules and regulations apply, and even what the institution's disclosures state. Electronic payments and checks can be a lot to get right. Don't be overwhelmed; this NEACH session is here to help you figure out what to do.
In this session, we will explore the requirements of various stop payment types, including those for checks and electronic payments, learn of the differences between consumer and business stop payments, including the difference in associated requirements, and review applicable rules, regulations, and governance, such as the Nacha Operating Rules, Regulation E, and more. Attendees leaving this session should feel more confident in their ability to ensure stop payment practices, and procedures meet all applicable requirements.
Attendees will leave the session better able to:
• Recognize the timeframes and associated requirements for placing stop payments
• Describe the differences between consumer and business stop payments
• Identify the intent of the account holder’s stop payment request
• Interpret the requirements for lost, stolen, or destroyed official bank checks
Speaker:
Mark Dixon, AAP, APRP, NCP, Vice President, Education, NEACH
Audience:
• AAPs
• ACH Coordinator
• Compliance
• COO
• NCPs
• Operations
• Risk/Compliance
You might also like:
• Do You Really Understand the Nacha Operating Rules?
• Payments Compliance Symposium
*Please note that the access information will be sent to you in a separate email upon receipt of payment. Access information and support are only provided during normal business hours.
** This event is part of the NEACH Education Club. Members who join the Club save $75 off the cost of this event.
Registration for this event is closed.