Menu Toggle Search

WSUD vs. Stop Payment: Definitions, Differences, Compliance

Aug 17 2:00 PM - Aug 17, 2022 3:00 PM
Aug 17, 2022 2:00 PM - 3:00 PM
Add event to: ICal Outlook Google Calendar

Is your staff prepared to deal with the challenges of ACH error resolution? Does that include stop payments and written statements of unauthorized debit (WSUD)? When you understand the definitions and differences, you can provide better member service and avoid losses for your financial institution.

Learning Objectives

  • Understand the difference between stop payments for consumers versus non-consumers and what documentation is required for each situation
  • Use the appropriate return reason code for ACH returns utilizing the extended return timeframe
  • Define your institution’s ACH responsibilities under the Nacha Rules and Regulation E
  • Explain why an ACH transaction may not be able to be returned due to an accountholder’s dissatisfaction with the goods or services purchased
  • Distinguish between stop payments, unauthorized ACH transactions, and authorization-revoked ACH transactions

Among the most common audit findings are errors made with stop payments and written statements of unauthorized debit (WSUD). Join us to learn the difference between the two and the documentation required for each. This webinar will describe the document retention warranties that RDFIs carry when processing stop payments or extended returns. It will go into great detail regarding the differences between consumer and non-consumer requests and will include review activities to ensure your staff is ready to handle each accountholder’s stop payment or extended return situation.

Agenda

Speakers

Kimberly Ellis, UMACHA

Kimberly Ellis is the Director of Education Services for UMACHA where she provides training and support for financial institutions in the areas of payments & risk management. She graduated from Western Illinois University with a Bachelor of Arts degree in Economics. She holds the Accredited ACH Professional (AAP), and Accredited Payments Risk Professional (APRP). She spent 17 years working in community banks in Southeast Iowa before joining UMACHA in 2020. She has experience working with deposit operations & compliance, risk management, and support for corporate ACH originators. 

Location

Fees

$259.00 

Live and recorded webinar, handouts, quiz with answer key and training log are included.

Your registration includes unlimited locations, making it easier to share and learn with remote staff.

Please note: You may share the link with others at your credit union, however the confirmation will be sent to one primary contact at your credit union. It will be up to the primary contact to share the material with others.

Additional Info

Event Type

Webinar

Topics Covered

  • Member Service
  • Live Webinars
  • Compliance