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Stop Payments
(Presented By: John Burnett)
Do your systems and procedures allow you to "catch" ACH transactions that might be converted from checks that your depositors have stopped?
Does your institution permit depositors to place stop payments via email or other electronic methods? Is your coverage of these electronic messages enough to protect the bank from losses?  | WEBINAR TIME:
11:30AM - 1:30PM PT
12:30PM - 2:30PM MT
1:30PM - 3:30PM CT
2:30PM - 4:30PM ET |  |
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Does you staff know how long your bank has to send back items on which customers have stopped payment?
When has a customer's stop payment order arrived too late for the bank to act on it?
How long is a stop payment order valid?
Why is stopping payment on a cashier's or other official check almost always a bad idea?
Can a stopped check that's been returned be represented for payment?
Is a depositor always "safe" once payment has been stopped?
Should stop payment records be deleted once the stopped check is returned?
What must you do if a consumer tells you that authorization for a recurring ACH debit has been revoked?
Can your bank refuse to accept a stop payment on a customer's check if the customer won't provide the reason for the stop?
Not so long ago, stopping payment was an easy thing. The payment was either a check or an ACH item, and all you had to do was make sure you selected the right form for the customer to complete. Now, check conversions have thrown confusion into the mix, and not all systems are designed to handle stops efficiently.
Dramatic increases in the use of ACH transactions by consumers have made it more important than ever that bankers understand the relationship between Regulation E's stop payment provisions and ACH rules. It's doubly important that bank staff members understand what the Reg. E Commentary says about consumers' revocation of ACH authorizations.
Bankers also must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment. Not all checks can be stopped, and it's important that bankers know which checks will almost always get them in trouble if the bank refuses payment. Failure to understand this concept can lead to lawsuits, increased legal costs, and significant losses.
In this webinar, you'll learn:
The difference between oral and written stop payment orders and the time limits on their validity
What happens after a stop payment has expired
The extent of the bank's exposure if it misses a valid stop order
How stop payment orders can be lifted or revoked
Who has the authority to issue a stop payment order
How ACH stop payment rules work
When a "missed" ACH stop payment may still be returned, and how
How to deal with claims an official check has been lost, stolen or destroyed
When to refuse a request to stop payment on an official check
Whether you can refuse to accept a stop payment if you think it's only to avoid an overdraft
Why a depositor may have to pay, even after payment has been stopped
The importance of making stop payments work on both paper and ACH items
When a stop payment order arrives too late
Learn the rules of handling stop payment orders to protect your customers, and your bank, from losses!
More information...
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888-229-8872