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Unauthorized Transactions – Reg E vs Nacha Operating Rules
- Timeframes for consumers when reporting errors to the financial institution
- Consumer liability and responsibility for unauthorized transactions
- Financial Institution liability and responsibility when handling errors to consumer accounts
- Identify what is covered by Regulation E and what is not covered
- List details on “What is an Error” in Reg E and the Nacha Operating Rules
- Define the Error Resolution Process including timeframes
- Outline the process when returning unauthorized transactions in the ACH network, including when to use R10 vs. R11 (due to recent Rules changes)
Overview of the webinar
In this 90-minute session, Returning Unauthorized transactions using Reg E or the Nacha Operating Rules when returning transactions that are unauthorized.
We will also discuss and define the limits of liability and who is liable for what amount while providing some real-life scenarios. Details on the error resolution process with Reg E for consumer notification to the financial institution, research time involved, and the timing of providing provisional credit; included will be guidelines on the “what if” there is no error, and providing notice to the consumer, and any overdraft protection relating to that provisional credit being reversed.
Discussion on when returning an ACH transaction in the ACH network is appropriate, and paperwork needed. Recent Rules changes affect Nacha compliance when sending unauthorized ACH Returns using Return Reason Codes R10 vs. R11.
Who should attend?
- Bank operations staff
- New employees in the payments industry
- Bank managers and payment professionals
- CEO’s and CFO’s
- Risk, Compliance, and Audit personnel
- Aspiring AAPs and current AAPs for AAP CE Credits
Why should you attend?
As a financial institution, you have responsibilities and liabilities under Regulation E and the Nacha Operating Rules for your consumer accounts when there are unauthorized transactions.
Regulation E contains an error resolution process for electronic payments posted to consumers’ accounts. Returning Unauthorized ACH transactions and the logistics when doing so will be covered in detail, including the addition of a repurposed Return Reason Code R11 and when to use R10 vs R11.
Included in this session is an opportunity for attendees to apply the basics of Regulation E and the error resolution timeframes while comparing with ACH processes when returning unauthorized transactions. all while remaining compliant with the Nacha Operating Rules will be demonstrated as the trainer walks attendees through some real-life scenarios.
Faculty - Ms.Donna Olheiser
Donna K Olheiser, AAP, is the vice president of Education Services and founder of Dynamic Mastership, LLC. She is an enthusiastic and energetic Certified Master Trainer with over 14 years’ experience. She has designed and facilitated over 150 training sessions each year with her expertise being the rules for companies and financial institutions when processing electronic (specifically ACH) payments, then scheduling the events to facilitate/deliver the material through a variety of venues (webinars, teleseminars, in-person workshops, including regional and national conferences).
Ms. Olheiser is also an experienced project manager managing education programs for organizations per their requests on processing electronic payments while developing personalized training programs for financial institutions. She has over 23 years of experience in the financial services industry which includes 9 years’ experience 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, Ms. Olheiser spent 14 years in various departments with the Federal Reserve Bank of Minneapolis and also holds the Accredited ACH Professional (AAP) designation (achieved in 2004).
Her extensive knowledge, enthusiasm, and passion for transferring payment processing knowledge using the adult learning theory is remarkable and has helped many payment professionals perform daily operational tasks including exception processing while remaining compliant with the NACHA Operating Rules. She uses scenarios and examples to bring the learning home, easy to comprehend and apply to real-life day-to-day ACH processing. Ms. Olheiser’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.