Webinar: Tax Refunds: ACH
Posting, Exceptions & Liability
Wednesday, February 5, 2014
2:00 - 3:30 pm CST
Speaker: Luann S. Kohlmann, AAP, NCP, WACHA
About the Program
In 2013, the IRS issued over 101 million tax refunds – 79% of
these were via Direct Deposit. The average refund amount was $2,860.
With such a high volume, it is imperative that your financial
institution handle tax refunds with the utmost care and caution to avoid
large dollar losses that can be caused by not understanding the unique
requirements of IRS tax refunds. 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,
accountholder, and tax preparer. Attending will ensure you handle these
exceptions correctly and minimize liability.
What if the name and account number do not match?
What if the account is closed?
What happens if the accountholder is deceased?
Who is at fault if the payment posts to the wrong account?
What are the rights and obligations of the RDFI, member, and tax