Learn, learn, learn

March 31, 2009

chalk-board-learnAs you have probably figured out by now, I am all about education.  I aim to educate myself and others.  The primary purpose of this blog is to offer a place for others to learn about ACH in an easy to read and understand manner.  Education however, takes many forms, blogs like this, webinars and tele-seminars, in-person workshops, various publications and more. 

 

To that end, I would be remiss if I didn’t let you all know about an excellent opportunity coming up all too quickly – Payments 2009.  Check it out at http://payments.nacha.org/.   

 

Every year, NACHA, The National ACH Association puts on their premier conference.  It travels from year to year as they try to make it available to the widest possible audience.  This year, it happens to be in Orlando, FL from April 5 – 8.  If you are involved in ACH in any manner, you would undoubtedly already know this as they do an amazing job of marketing the heck out of this event. 

 

Every year a variety of sessions are offered covering a wide variety of payments related topics at taking into account all knowledge levels.  This is a fantastic opportunity to jump start your education and learn all about the latest and greatest in the payments world.

 

If there is any way you can make your way to Orlando for a few days of training, networking and camaraderie, I highly recommend it.

 

I apologize for the short notice, but fear not!  If you cannot make Payments 2009 in Orlando, there is another event on the horizon – two events to be precise.  Every year, NACHA also offers The Payments Institute – East and West.

“The Payments Institute is an intensive 5-day course aimed at helping you achieve a higher understanding of the payments system. The Payments Institute’s powerful curriculum is meticulously designed to accommodate both the novice and the experienced payments system professional. Whether you are starting from square one or have years of experience under your belt, this unique environment allows you to custom-design your learning experience to your current learning level.”

 

You can learn more about this event at http://www.nacha.org/conferences/TPI_2009/default.htm. 

 

There are many ways to get educated.  These are only a couple, but certainly the biggest.  There are many other offerings and I encourage you to get involved, participate at whatever level you are able.  Learn, learn, learn.

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Posted by achguy

To Receive or Not To Receive?

March 2, 2009

Receive! Receive!check-register-2

 

This is a bit of a no- brainer to me.

 

Of course we all know how much I love to receive ACH transactions.  Especially credits.  Being on the receiving end of an ACH transaction (debit or credit) automatically makes me a Receiver and makes me subject to a number of responsibilities. 

 

Being a Receiver is not as easy as it seems (we should add that to the list); we do not get to just sit back and let transactions post to our accounts willy-nilly.  Let’s talk about the responsibilities;

 

Authorizing transactions – the authorization between the Originator and the Receiver is the beginning of every ACH transaction.  No transaction should ever take place without some form of authorization

 

Review monthly bank statements – the Receiver is required to review their monthly statement for errors

 

Notifying RDFI of errors – the Receiver is required to notify the RDFI of any errors within proper timeframes

 

Complete and sign an Affidavit or Written Statement Under Penalty of Perjury –

 

                Unauthorized – If a transaction is received for an amount different than authorized or posts on a date different than agreed to or if the Receiver does not recognize the Originator, they maintain the right to request the transaction in question be returned.

 

                Authorization Revoked – in the event a Receiver wishes to withdraw or revoke their authorization relating to a specific transaction, they are required to notify the Originator first.  With few exceptions, every ACH authorization is required to contain language informing the Receiver how they may revoke it.

 

It’s a very short list, but a very important list.  The bottom line here is that as Receivers, we are responsible for all transactions that post to our account.

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Posted by achguy

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