NACHA Rule Changes

Effective: 2015-03-20

• Provides an originator/ODFI with an additional mechanism to resolve, via the automated return process, situations in which use of the reversal process has resulted in, or not resolved, an unintended credit to the receiver.
• Establishes new dishonor return reason code for ODFI Return (R62-Return of Erroneous or Reversing Debit) to dishonor the return of an erroneous debit or the reversal, provided that the associated credit entry (the reversal or the erroneous credit) was not also returned by the RDFI.
• Requires any ODFI dishonoring a return because the reversal process either resulted in, or failed to resolve, an unintentional credit to the receiver to warrant that it originated a Reversal in an effort to correct the original, erroneous transaction. Establishes new contested dishonor return reason code for RDFI (R77-Non-acceptance of R62 Dishonored Return) if either of the following conditions exists: the RDFI returned both the erroneous entry and the related reversal; or the RDFI is unable to recover the funds from the receiver. Notification of Change – Removal of Change Code C04 (Incorrect Individual Name/Receiving Company Name) – deletes C04 (Incorrect Individual Name/Receiving Company Name) from the Table of Code Changes.

Effective Date: 2015-03-20 12:00 am