Nacha is updating the sample Written Statement of Unauthorized Debit (WSUD) to include language alerting consumers of the risks of making false claims of unauthorized ACH debits to their financial institutions.
In an effort to educate consumers, and as an anti-fraud measure, Nacha is amending its sample form WSUD to include a disclosure, similar to those found on other widely used banking forms, informing consumers of the possible penalties that could result from making false representations to a financial institution. Nacha’s goal is to alert well-meaning consumers to federal laws and help them avoid violating such laws, based on misguided advice they may have received.
Nacha is adding the following language to its sample form WSUD, and advises RDFIs that they may want to consider including similar language on the forms that they use:
- Any intentional attempt to obtain money from a financial institution by misrepresenting whether a transaction was authorized may result in the imposition of fines up to $1,000,000, or imprisonment up to 30 years, or both under the provisions of Federal law (18 U.S.C. §1344).
An updated sample WSUD includes the new disclosure. This updated sample WSUD will be published in the next edition of the annual Nacha Operating Rules & Guidelines.