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On Nov. 19, 2010, the NACHA Voting Membership, of which PNC is a part, approved several enhancements to existing ACH applications. These enhancements were made to encourage greater use of these ACH applications by removing the barriers to use as well as conforming to the recent industry developments and regulatory changes. These enhancements include:
The effective date regarding the provision for ARC and BOC opt-out procedures is March 18, 2011, while the other provisions will be effective on September 16, 2011.
If you are: using the TEL application to receive funds from your customers and/or are looking to set up recurring payment with new customers over the telephone,
Consider: setting up recurring payment option with the expanded TEL application.
If you are: currently or considering converting checks by originating ARC or BOC ACH entries,
Consider: whether or not an opt-out procedure is appropriate for your customers.
If you are: generating ACH debits and depositing checks from your customers and looking for an efficient, inexpensive and effective way to collect return fees,
Consider: with proper authorization, using the ACH network as your primary method to collect the return fee.
The ACH Rule changes described above do not fully encompass all of the requirements when deploying the Standard Entry Class (SEC) codes in your electronic payment program. For a more complete description of related ACH Rules requirements when utilizing TEL, ARC, BOC, and/or XCK, please contact your PNC representative.
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