Rule Changes
The following changes to the National Automated Clearing House Association (NACHA) Operating Rules ("Rules") are scheduled to go into effect in 2012.
Effective January 1, 2012
Corporate Account Takeover
- This Rule provides an option for a Receiving Depository Financial Institution (RDFI) to exempt itself from the funds availability requirement for an ACH credit when it reasonably suspects that the ACH credit is not authorized.
- The additional time to investigate a suspicious credit prior to making funds available to a Receiver would increase the likelihood that unauthorized credit Entries due to Corporate Account Takeover would be identified and the associated funds would be recovered before the funds are withdrawn.
Effective March 16, 2012
Expansion of ARC
- This change amends the Rules to allow the use of ARC for the conversion of checks presented in person for the payment of a bill at a manned location.
- Previously the Rules required the use of BOC for these types of checks.
IAT Modifications and Refinements
IAT Entries and the Effect of Illegality
- This amendment clarifies that a Participating Depository Financial Institution (DFI) must comply with all requirements of the Rules for any non-suspect transaction.
- A suspect transaction, for purposes of OFAC compliance, is one that potentially involves or relates to a "specially designated national" (SDN) or "blocked party," and requires more detailed examination by the Participating DFI to determine whether the Entry violates OFAC sanctions.
Identification of the Foreign Funding Financial Institution Within an ACH Entry
- This amendment revises the descriptions of the following fields within the fourth IAT Addenda Record to clarify required content: Originating DFI Branch Country Code, Originating DFI Identification, Originating DFI Identification Number Qualifier, and Originating DFI Name.
Clarification of Originator Identification Field
- This amendment revised the definition of Originator Identification Field within an IAT Entry to permit the inclusion of additional identifying information for use by the ODFI.
Effective September 21, 2012
IAT Modifications and Refinements
Minimum Description Standards for IAT Entries
- This amendment revises the Rules to provide Receiving Depository Financial Institutions (RDFIs) with greater clarity regarding the information from an IAT Entry that must be included on the Receiver's statement.
Transaction Type Code to Identify Remittances
- This amendment expands the list of eligible code values that may be included within the Transaction Type Code field.
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