X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HERNDON, Va.-NACHA, the Electronic Payments Association, has drafted a proposed rule that would limit how many times a financial institution can represent an automated clearing house (ACH) item. The amendment would limit presentments to three times. Some ACH items, including the re-presented checks, are already limited to three presentments. “With each unsuccessful attempt to collect an ACH entry comes a reduction in the efficiency of the ACH Network caused by the need for manual intervention in processing the transaction by both the Originator and the RDFI,” NACHA said in the proposal. This rule, which would take effect March 22, 2002, would extend that limit to all standard entry class codes.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.