SAN DIEGO – During its recent PAYMENTS 2006 conference, NACHA announced the approval an amendment to its operating rules to permit retailers and billers that accept checks at the point-of-sale to convert eligible checks to ACH debits in the back office.
"Back-office conversion will enable financial institutions to provide additional value to their customers in a business environment where many checks are still used," Steve Ellis, NACHA chairman and executive vice president of Wells Fargo's Wholesale Banking Group, said. "As consumers and businesses continue to move from cash and checks to electronic forms of payments, financial institutions continue to find opportunities to provide their customers with value-added electronic services to collect checks."
This back office conversion rule becomes effective March 16, 2007.
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NACHA said it took care to ensure customers were properly notified of the conversion, that customer service contact information is provided, and that customers can choose to opt-out. The organization will offer a training and education program this summer.
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