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Q.) Can stop payments be placed on ACH debits used to fund an intermediated P2P service offered by a non-bank provider?
A.) When an ACH debit to a consumer’s bank account is used to fund a P2P payment initiated through a non-bank provider, the consumer may request a stop payment on the ACH debit. The consumer’s bank (RDFI) must honor the stop payment order if it meets the requirements of Nacha Rule 3.7.1.2 (RDFI Obligation to Stop Payment of Single and Subsequent Entries).
Have a question for TCHPA? Call 800-875-2242 (choose option 3) or email education.services@theclearinghouse.org.
The information contained herein has been prepared for general informational purposes only and is not offered as and does not constitute legal advice. You should consult with your legal counsel regarding the legal, regulatory and payments industry rule requirements that apply to specific transaction scenarios.
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