Compliance Time Frames Flashcards
Standarad return timeframe (back to the RDFI)
2 Banking Days
Dishonor a Return
5 Banking Days
Contest or correct a dishonored return
2 Banking Days
Originate a NOC From Settlement date of original entry
2 Banking Days
Response to a Refused NOC
5 Banking Days
Originate a commercial Reclamation from date of death notification
5 Banking Days
Originate a File or Single-entry Reversal Following the Settlement Date of the transaction(s)
5 Banking Days
Return of an XCK entry
60 Calendar Days
Return of a revoked or unauthorized consumer transaction
60 Calendar Days
Return of an unauthorized corporate transaction
2 Banking Days
Refuse a Notification of Change
15 Calendar Days
Originators must make changes specified in an NOC within ___ of receipt of NOC or prior to initiating another entry to the Receiver’s account, whichever s later
6 Banking Days
Send Report of Possible Rules Violation from date of occurrence to Nacha
90 Calendar Days
Notification to Receiver of change in amount of debit
10 Calendar Days
Send copy of item (relating to RCK) to RDFI upon request
10 Banking Days
Notification to receiver of change in date of debit
7 Calendar Days
Make changes specified by the NOC before next transaction
6 Banking Days
Originate first live dollar following settlement date of Prenote
3 Banking Days
Provide NOC or Corrected NOC information to Originator
2 Banking Days
Retention of copay relating to RCK item
7 Years
Retention of all ACH Records (ODFI, RDFI)
6 Years
Retain copy of item to which XCK relates
6 Years
Retention of consumer authorization after termination
2 Years
Retention of ACH Records (ACH Operator)
1 Year
Retention of Written Statement of Unauthorized Debit
1 Year
ODFI reporting requirements to Nach’s inquiry on Originator With Excessive unauthorized Returns
10 Banking Days
RDFI provides copy of Written Statement upon ODFI’s request
10 Banking Days
Originator may make a written demand for payment within ___ after it receives the returned Reclamation entry.
15 Banking Days
