Stop Payments vs. Unauthorized Entries - Compliance with the Nacha Operating Rules
Speaker: Donna K Olheiser, AAP
Speaker Designation: VP of Education & Founder, Dynamic Mastership
Speaker: Donna K Olheiser, AAP
Speaker Designation: VP of Education & Founder, Dynamic Mastership
As an operations or front-line person, each day you struggle with the question – “When do I use a Stop Pay form and when do I need a Written Statement of Unauthorized Debit (WSUD)?” In the back room, processing these types of ACH transactions brings up the questions - “what is the Return Reason code, What is the timeframe to do a specific type of Return, and what documents do I need before processing this Entry?” This is your session!
The trainer in this session will provide examples of when to use which form: Stop Payment form OR WSUD (Written Statement of Unauthorized Debit) and why, plus tying this information back to the NACHA Operating Rules to ensure you are in compliance (exactly what your obligations and responsibilities are) each time you help your account holder with their request.
Included in this session will be details on the difference between using R10 and R11 when returning an Entry as unauthorized in the ACH network.
The exception processes involving Stop Payments and Unauthorized Entries present challenges every day. As a participant in the ACH network, you NEED to be aware of the differences and the Rules surrounding processing these payments while remaining in compliance with the Nacha Operating Rules.
The Nacha Operating Rules have specifics for you to follow to be sure you are complying each time you help your account holder with their request(s).
This session will definitely make things more simplistic when processing unauthorized, authorization revoked, and stop payments!
For consumers, understanding when to use a stop payment versus reporting an unauthorized transaction is crucial for protecting their finances and rights. Clear communication channels with financial institutions and prompt reporting of issues are essential practices. On the other hand, financial institutions must have robust policies and procedures in place to handle both stop payments and unauthorized transactions efficiently and comply with relevant regulations.
Donna founded Dynamic Mastership, LLC in December 2014 in an effort to utilize her 24+ years’ experience in the financial services industry, by sharing her passion for training financial institutions and organizations on the Rules and processes for electronic payments (with her specialty being ACH payments). She holds the Accredited ACH Professional (AAP) designation (achieved in 2004). Donna’s experience before founding Dynamic Mastership, includes 9 years' serving as the Education Service Director at a Regional Payments Association (RPA), where she managed and facilitated the entire Education program for nearly 800 financial institution members. Prior to that, Donna spent 14 years with the Federal Reserve Bank of Minneapolis in various departments, where she started her training career as the Training and Development Specialist in 2003.
Donna is a certified Master Trainer who continually uses her extensive knowledge, experience, enthusiasm and passion for transferring payment processing details, while using the adult learning theory is remarkable! Her training style has helped many payment professionals remain consistently informed of the NEW and ever-changing NACHA Operating Rules and explaining how the Rules apply when performing daily operational tasks including complex return and exception processing. She incorporates scenarios and examples in her detailed training, so the Rules are easy to comprehend and apply to real-life day-to-day ACH processing. Donna's ability to engage the learner through the entire training event helps the adult learner apply what they've learned during and after each training session.
