These changes will amend the Nacha Operating Rules (Rules) to address a variety of minor topics related to Meaningful Modernization, an ACH Operator edit and expiration of stop payments on non-consumer accounts.
The overarching purpose of these two Rules is to deter and prevent, to the extent possible, the improper use of reversals and the harm it can cause.
The two Rules explicitly address improper uses of reversals, and improve enforcement capabilities for egregious violations of the Rules.
This rule better differentiates among types of unauthorized return reasons for consumer debits. This differentiation will give ODFIs and their Originators clearer and better information when a customer claims that an error occurred with an authorized payment, as opposed to when a customer claims there was no authorization for a payment. ODFIs and their Originators should be able to react differently to claims of errors, and potentially could avoid taking more significant action with respect to such claims.
This rule expands access to Same Day ACH by allowing Same Day ACH transactions to be submitted to the ACH Network for an additional two hours every business day. The new Same Day ACH processing window became effective on March 19, 2021.
Learn more about Same Day ACH with our Resource Center.
The WEB Debit Account Validation Rule became effective March 19, 2021. The rule was originally approved by Nacha members in November 2018 to become effective January 1, 2020.
An industry resource – the ACH Contact Registry - was created for financial institutions to be able to more easily connect with other financial institutions about ACH operations, exceptions and risk management. In order for the ACH Contact Registry to be a valuable, Network-wide resource, all financial institutions participating in the ACH Network need to participate. This rule enables the creation of this resource by requiring the registration of contact information by all financial institutions that participate in the ACH Network.
This rule is a major enhancement to Same Day ACH, as the dollar limit per payment quadruples to $100,000. Among the many uses of Same Day ACH, B2B payments are expected to reap some of the biggest benefits. Nacha estimates 97% of all ACH B2B payments are now eligible for Same Day ACH, compared to 91% under the previous $25,000 per payment limit. Other common uses for Same Day ACH include Direct Deposit payments for insurance claims and disaster assistance.