Industry News & Resources

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What Should You Know About Fake Checks?

New Industry Resource shared by the US Faster Payments Council

Participate in tabletop exercises with Nacha and the Global Resilience Federation

Payments Education

Payments University is on the Road in 2024

This year we're bringing Payments University to you at five different locations in the Midwest and East Coast. And we're going back to basics this year. We understand that over the past few years there's been a lot of change in the industry, and a lot of new faces have joined the payments landscape.

We want to discuss the basics of the current payment rails (ACH, Card, Check, Instant Payments, and Wire Transfer) and  include exercises and case studies to reinforce your learning experience.

So take the day and join us. Dates and locations are listed below:

What Happened to the MDC Code?

As some of you have noticed, the Nacha MDC Code (Member Discount Code) isn't available on our website for 2024. The MDC Code was used on the Nacha website for a discounted price for things like paying for your AAP/APRP continuing education credits, registering for the AAP or APRP exams, or purchasing a ticket to one of their conferences.

This year there's been an updated process that eliminates the need for an MDC code altogether, while still giving you access to member discounted rates automatically. And this is because your organization already has a relationship with TCHPA.

How do you know if your Nacha profile already has the membership rate applied? It's easy to verify! Log into Nacha using your organization email address (this links the relationship), or create one if you don't already have a Nacha profile. Then under your profile, under the main overview page, you should see a green box that says "Receives Membership Benefits". And to the right, you should see that you're connected to The Clearing House Payments Authority. It's as easy as that.

If you're still having trouble getting connected, don't hesitate to reach out to us, and we'll connect with Nacha to make sure your company  relationship status with TCHPA is reflected accurately, so you can benefit from the discounted rates.

March In-Person Events

March Virtual Events

TCHPA Resources: Understanding Your Risk Appetite Have you ever struggled with understanding the difference between Risk Appetite and Risk Tolerance? Or if you were ever asked to report on a specific payment rail to your Board of Directors/ Supervisory Committee, would you know where to start? We have a brand new resource for our members that helps with both of these scenarios. It is in interactive document to help ensure you understand risk appetite, what your organization’s risk appetite is, and a place to articulate how risk mitigation controls are used for any given payment rail at your specific institution. Also provided is a sample report to illustrate what can be provided to the Board of Directors when reporting on a payment rail, to provide some structure if this reporting is new to you. Use this link to access the document. RDC All-In-One Resource Guide Does your existing RDC program need a refresh? Or are your starting to build out an RDC program? Our RDC All-in-One Resource Guide includes everything you need to establish or enhance your RDC policies, procedures and risk management program, including sample policies, sample annual review considerations, merchant self-audit considerations, a Remote Deposit Capture Training Guide and more! Use this link to access the document. We Get Questions... The following is provided for informational purposes only and doesn't constitute legal advice. CHECK Q)  Can a stop payment be placed on a Cashier's Check? A)  Before delving into the answer, we need to start by reminding our readers that a cashier’s check, which is issued by a bank and drawn on the bank’s own funds, is very different from a personal check. As a result, the ability to place a stop payment on such items is limited. UCC 3-412: Obligation of Issuer of Cashier's Check - The Uniform Commercial Code 3-412 provides that "the issuer of a… cashier's check… is obliged to pay the instrument according the its terms at the time it was issued…" Under UCC 3-411, if the issuer of a cashier's check, the obligated bank, wrongfully refuses to pay a cashier's check (including but not limiting to a wrongful stop payment), then the enforcer of the item is entitled to certain compensation and may be entitled to consequential damages. What if the cashier's check, was lost or stolen? In these situations the person who has a right to these funds (generally the payee or the remitter) will have to make a claim with the financial institution that is the obligated bank under UCC 3-312. The financial institution will have them complete a "Declaration of Loss", or a statement under penalty of perjury, that: Declares lost possession of the item Declares that they have rights to the funds, usually as the payee or the remitter States that the loss of possession was not the result of a transfer or a lawful seizure And the declarer cannot reasonably obtain possession of the check because it was either destroyed, lost, or in the wrongful possession of an unknown person.     This type of claim does not become enforceable until the later of: (1) the claim being asserted, or (2) the 90th day following the date of the check. If the claim becomes enforceable before the original item is presented, the obligated bank does not have to pay the item, and operationally speaking, may place a stop payment on the item to present it from paying. If you're looking for some more in-depth information on cashier's checks, I encourage you to register for our Cashier's Checks on demand session, where one of our educator brings a similar scenario as the one mentioned above to life. Member Support TCHPA Fact Sheet Remember, when you need support from The Clearing House Payments Authority (TCHPA), you can reach our Member Services staff directly by calling 800-875-2242 and choosing option 5, or by emailing education.services@theclearinghouse.org. Professionals in every trade have an association they rely on for industry expertise, support and resources. We're the Association for Payments People. Copyright © 2024 The Clearing House Payments Company L.L.C. 115 Business Park Dr. Winston-Salem, NC 27107 United States