As you seek greater control over your payments, our U.S. ACH solutions put you in charge. With these solutions, you can improve cash flow forecasting, increase accuracy through electronic payments and access funds with greater speed and visibility through a full range of options for your business and consumer payments.
NACHA OPERATING RULE CHANGES EFFECTIVE STARTING MARCH 20, 2020
MARCH 20, 2020
Same Day ACH Dollar Limit Increase – This Rule increases the Same Day ACH transaction dollar limit from $25,000 to $100,000. Same Day ACH credits and Same Day ACH debits are eligible for the $100,000 transaction limit.
APRIL 1, 2020
Differentiating Unauthorized Return Reasons – Phase 1 – Return Reason Code R11 will be re-purposed to be used for the return of a debit in which there is an error, but for which there is an authorization. The R11 description will be “Customer Advises Entry Not In Accordance with the Terms of the Authorization”. Return Reason Code R10 will continue to be used when a consumer claims he or she does not know the Originator, does not have a relationship with the Originator, or did not give authorization for the entry. The R10 description will be “Customer Advises Originator is Not Known to the Receiver and/or Is Not Authorized by the Receiver to Debit Receiver’s Account”. The Originator may correct the underlying error of an R11 return, if possible, and originate a new Entry without being required to obtain a new authorization. The new Entry must be originated within 60 days of the Settlement Date of the R11 return. The R11 will have a 60 day return timeframe.
JUNE 30, 2020
Supplementing Data Security – Phase 1 – Each Non-Consumer Originator, Third-Party Service Provider, and Third-Party Sender whose ACH Origination or Transmission volume exceeds 6 million ACH transactions in calendar year 2019 will need to be compliant by June 30, 2020. To the existing NACHA Rule Section 1.6 (Security Requirements), this Rule adds a sentence stating that each Non-Consumer Originator that is not a Participating Depository Financial Institution, each Third-Party Service Provider and Third-Party Sender, whose ACH Origination or Transmission volume exceeds 6 million transactions annually must, by June 30 of the following year, protect Depository Financial Institution Account Numbers used in the initiation of transactions by rendering them unreadable when stored electronically.
Read the Summary of NACHA rule changes for more details.
U.S. ACH PAYMENT TYPES
Direct deposit: Make a variety of consumer payments, including payroll, expense reimbursement, pension, and dividends.
Cross-border: Send ACH consumer or business payments to Canada, Mexico, Panama, and parts of Europe.
Trade: Pay suppliers via CCD+ and CTX formats while providing payment details such as invoice number, date, and discount.
Tax: Pay local, state, and federal government agencies according to IRS and state requirements for electronic funds transfers (EFT).
U.S. ACH Receipt Types
Consumer debit: Collect one-time and recurring payments from consumers, including utility payments, membership fees, loan payments, insurance premiums, online purchases and more.
eCheck: Convert eligible consumer checks into ACH debits and transmit them electronically for collection processing.
Corporate collection: Collect payments from suppliers via CCD+ and CTX formats, which also relay payment details such as invoice number, date and discount.
Concentration: Use ACH to consolidate funds from your accounts in multiple locations to your Bank of America Merrill Lynch concentration account.
Strengthen your defenses against unauthorized U.S. ACH transactions with ACH Positive Pay, our powerful anti-fraud solution, which lets you view debit transactions online in real time before they post—with the ability to approve or decline them within certain timeframes. In addition, our Blocks and Authorizations service helps you accept transactions on an automated basis from authorized suppliers and return unauthorized incoming debits or credits prior to posting.
All services may not be available in all jurisdictions and are subject to change without notice.