Compliance Alliance Q&A 12/1/2020

Q: If an ACH hasn't hit yet, but a customer wants to place a stop, what is the best practice if the bank doesn't have a company ID yet?

 

A. A consumer may stop payment of a preauthorized electronic fund transfer from the consumer's account by notifying the financial institution orally or in writing at least three business days before the scheduled date of the transfer.

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