![]() In each case, it was clear that the consumer would retain a right to stop the payment. Since the RCK was the first in this series of five ACH entries to be authorized by NACHA, it has served in some fashion as a template for the other four. If the original check is stopped, the RCK loses its authorization. The consumer's original instruction to pay (on the check) remains the authority for the RCK transaction. It's clear that the RCK transaction would be subject to a stop order, since it attempts to collect a check that has at least once been returned for insufficient or uncollected funds. NACHA rules include a consumer's right to stop payment on each of these standard entry > In each case, the ACH transaction held the potential of being less expensive to process than the paper or plastic alternative. The TEL and WEB entries were designed to provide convenient payment methods for telephone and Internet sales, to augment the use of credit (and debit) cards. ![]() In the case of the RCK, POP and ARC entries, NACHA's intent was to speed up the collection process by substituting the speed of the ACH for the physical transportation and presentment of a check. WEB - Web (Internet) single authorization payment.TEL - Telephone single authorization payment.ARC - Accounts Receivable Check (conversion).POP - Point of Purchase check conversion.ACH network, created five new transaction types (Standard Entry > Within the last five years the National Automated Clearinghouse Association (NACHA), the rule-making body for the U.S. ACH rules apply to all ACH transactions Regulation E applies only to other EFTs.Under Regulation E, consumers can stop payment on preauthorized debits from their accounts, and on no other type of EFT.Regulation E does not cover transactions that originate on paper (except debit card transactions).2023 BSA/AML Top Gun Conference ON-DEMAND.2023 Lending Compliance Triage Conference.2023 Operations Compliance Triage Conference.
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