Includes Answers to Frequently Asked Questions

Source: IRS

Source: U.S. Dept of Treasury

Source: Early Warning Resources for FIs

ECCHO On-Demand Webinar – FREE

Effective Dates of the Rule for Supplementing Data Security Requirements

Correction to Editing Error Return Reason Codes

Source: Nacha

Source: Nacha

Source: FFIEC

Includes R11 Return Language

Note: TCHPA has been working to assemble COVID-19 news and guidance from our payments partners and industry regulators to share with members. To keep up with the continual flow of COVID-19 news released between Payments Pulse editions, please visit the TCHPA Home Page for information that could have an impact on financial institutions, companies and the payments industry in general.

Treasury has not provided official guidance for handling the various scenarios that RDFIs will encounter, but based on what we’re hearing, stimulus payments should be treated like tax refunds and allowed to post to valid account numbers in accordance with the ACH Rules. They are to be considered entitlements rather than benefit payments like social security, etc.

Exception items should be handled in the same manner. In some cases, FIs will need to make a business decision to post (based on name and a similar account number, for example) while other payments will be returned (i.e. account closed). If returned, Treasury will decide if they should issue a check instead. HOWEVER, FIs should remember that the goal of the stimulus payments is to get funds into the hands of those who need them most. If someone has to wait for a check, it could take weeks or months...

We will continue to communicate with Nacha, the Fed and other payments industry organizations to get answers and share them with our members. Please check the TCHPA home page, Nacha COVID-19 Pandemic Page and your Payments Pulse newsletter for current details.

Concerns over the COVID-19 Pandemic and shelter-in-place orders for Michigan and Puerto Rico have forced TCHPA to change plans for the previously scheduled in-person Payments University events. To avoid cancelling altogether, we have decided to re-schedule this year’s University as a virtual event and present all topics via live webinars scheduled over the course of two days.

There are still a lot of great topics on the agenda, that will be of interest to those who are new to their payments career and seasoned professionals alike. And although we’ll lose some of the ‘togetherness’ of the face-to-face event, the virtual event is now available to our larger audience, including some who may not have been able to attend due to travel restrictions to the original locations.

Registration is now open and we invite you to join us for this first-ever virtual Payments University experience. Best of all, there’s still NO CHARGE for TCHPA members.

These products have been updated for 2020 and are now available for purchase in the TCHPA online Payments Store.

Audit Interactive Workbook
This interactive electronic document (in fillable PDF format) provides point-by-point instructions for completing the annual ACH Operations Audit required by the ACH Rules. The workbook captures auditor notes and automatically generates a management report which can include audit findings, exceptions and recommended action items.

Risk Assessment Resource
This interactive electronic document (in PDF form) provides instructions for completing the ACH Risk Assessment as required by the ACH Rules. It includes an overview of documents required, procedures and best practices for completing the risk assessment. The assessment includes areas to record documents reviewed and interviews conducted, as well as document comments, suggestions and identified findings. The ACH Risk Assessment Resource is designed for both financial institutions and Third Party Providers/Senders.

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 3, or by emailing education.services@theclearinghouse.org. Although our staff is working remotely due to the COVID-19 pandemic, we’re still available to provide the support you need in a timely manner!

For the quickest answers related to stimulus payment exceptions, don’t forget to check the TCHPA home page and Nacha’s COVID-19 Pandemic Page. Links to current information are being added to these pages as new details become available.