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On Friday, March 19, 2010, two new ACH Rule amendments went into effect. The changes pertain to consumer accountholders who receive ACH debits. The Authorization and Returns change affects procedures for returning unauthorized debits and the Stop Payment change revises the requirements for placing stop payments on consumer accounts.
Authorizations and Returns The Authorization and Returns Rule changes are aimed at enhancing the quality of transactions in the ACH Network by more clearly defining an Originator's obligations for obtaining a consumer's authorization, and by improving processes related to the return of debits that Receivers claim are unauthorized. Highlights of the NACHA Rule changes include the following:
Stop Payments and Regulation E The ACH Rule change revises the requirements for the application of stop payment orders related to ACH entries destined to consumer accounts and realigns the NACHA Rules with the requirements of the Federal Reserve Board's Regulation E. Specifically, the Rule will:
ACH entries that are returned due to a stop payment order are returned by the RDFI with the return reason code R08 (Payment Stopped). Return reason codes and their definitions can be found in Appendix Five of the 2010 ACH Rules.
If you would like to receive a copy of the ACH Rules on CD ROM, contact your PNC account representative.
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