This webinar will outline how the debit entries such as ARC (Accounts Receivable Entries), BOC (Back Office Conversion), and POP (Point-of-Purchase), WEB and TEL will be affected in the new environment for the originator and the receiver. It will also describe the roles of all third-party senders, ACH software vendors, and ACH payment processors and should ensure accurate ACH processing, including the accurate dating of ACH transactions.
As the Consumer Financial Protection Bureau (CFPB) commented, “same day ACH may help alleviate some of the challenges consumers face today in trying to forecast when various types of credit and debit payments will post to their accounts and the complications - such as overdrawn balances, non-sufficient balances for subsequent payments, and fees - that can arise from such uncertainty.”
Why Should You Attend:
Same Day ACH Debit Entries become effective September 15, 2017. This can change the way certain debit Entries are processed, such as check conversion Entries, ARC (Accounts Receivable Entries), BOC (Back Office Conversion), and POP (Point-of-Purchase). In addition, authorized WEB and TEL Entries may be affected from the Originator standpoint and the proper use of the Effective Entry Date.As the Consumer Financial Protection Bureau (CFPB) commented, “same day ACH may help alleviate some of the challenges consumers face today in trying to forecast when various types of credit and debit payments will post to their accounts and the complications - such as overdrawn balances, non-sufficient balances for subsequent payments, and fees - that can arise from such uncertainty.”
Learning Objectives:
- Identify the importance of (checking and correcting) the Effective Entry Dates in ACH transactions they originate, even those that do not intend to make use of same-day debits.
- Provide tips on how Originators using same-day ACH debits on reviewing their authorization language to ensure that the terms are clear and readily understandable regarding the timing of such debits.
- Define the responsibility of ODFIs and educating Originators on the use of the “correct Effective Entry Date” to avoid fees for Same Day Debit Entries when that is not the intention for the Originator.
- List the different types of companies and organizations who would benefit from Same Day ACH Debit Entries
Areas Covered in the Webinar:
- How an Originator of Check Conversion Entries can benefit from Same Day ACH Debits when processing these types of Entries
- Tips for the ODFI when educating the Originator to prevent inadvertent Same Day Debits by checking and verifying correct use of the Effective Entry Date
- What type of companies or organizations would “want” to start using check conversion to take advantage of “faster (Same Day) clearing” of the authorized Debit transactions
- Provide suggestions for authorization requirements (changes) due to possible Same Day ACH Debit Entries such as WEB and TEL
- Examples of how these Entries (WEB and TEL) will affect the Receiver if the Originator starts using Same Day “debit” capabilities starting in September 2017
- How check conversion Entries such as ARC, BOC and POP could affect the Receivers account “on the Same Day” they write the check ad how the RDFI can help the Receiver with understanding what this means to their account
Who Will Benefit:
- ACH Operations staff
- Third-Party Payment Processors
- Third-Party Senders
- ACH Managers
- Electronic Payments Professionals
- AAP’s - keeping up with changes in ACH Rules and wanting to earn AAP Continuing Education Credits
- Company/Business Owners (Originators)
- Banking Managers/Supervisors
- Third-Party Service Providers
- Audit and Compliance Personnel/Risk Managers
- Companies who process either check conversion (ARC, BOC and POP) and/or WEB and TEL Entries
- Anyone who wishes to enhance their knowledge of the new rules
Course Provider
Donna K Olheiser,
