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ACH Specialist Series: ACH Tax Refund Exceptions, Posting & Liabilities

February 7 @ 3:00 pm - 4:30 pm EST

The federal government is one of the largest single users of the ACH network, but did you know that they don’t follow the same NACHA Operating Rules as a typical Originator? IRS tax refunds must be handled with care. The average IRS tax refund is almost $3,000 and every financial institution receives them. With such high volume, it is imperative that financial institutions understand the requirements surrounding tax refunds to avoid potentially large losses. These requirements address account number/name matching situations, deceased recipients, refunds posting to incorrect accounts, and refunds as exception items. This session will cover the rights and obligations of the financial institution, account holder, and tax preparer. Learn how to correctly handle these exceptions to minimize your financial institution’s liability.

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