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What the Rule Change Means to You
The new rule change, announced in November 2005, will impact financial institutions, businesses, business consumers and retailers. By establishing clear guidelines to identify business checks ineligible for conversion, the change will save financial institutions and businesses time and money.
For Financial Institutions
By establishing simple guidelines for identifying business checks ineligible for conversion, the rule will result in fewer incorrect business check conversions and less time correcting errors and managing related inquiries. Educating front–line and consumer service employees about rule changes is critical to managing transitions efficiently and effectively.
For Consumers
Because the most recent change to the NACHA Operating Rules establishes guidelines that make it easier to identify business checks ineligible for conversion to electronic transactions, the rule change will have little impact on individual consumers.
For Businesses and Retailers
The rule change establishes clear guidelines to help retailers, businesses and billers identify business checks ineligible for conversion. It will reduce the number of incorrect business check conversions and save time and money correcting errors and re–processing payments.
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