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ACH Compliance and Audit Requirements

With the increased emphasis on risk management and compliance in the ACH System, it is critical that your credit union be well informed about the ACH rules and regulations. ACH compliance not only meets regulatory and audit requirements, but also ensures that your members are receiving the best member service as well. SunCorp provides many resources to assist with your ACH compliance and audit tasks.

The ACH News & Information page on our website includes links to many operational and compliance documents such as the sample ACH audit worksheets and report. From that page, you can also order the 2012 edition of the NACHA Rule Book, download our Chart of ACH Codes, or access a variety of other ACH training documents and online training tutorials.

Again this year, we will offer live webinar training sessions reviewing major ACH compliance topics and our sample audit materials. These expanded two-hour sessions will include interactive discussions among the participants who are expected to have a basic knowledge of the ACH System. The first webinar is scheduled for August 22 with more sessions to come later in the year. Session registration is now available from our Online Learning Center.

We also offer an online, self-paced training presentation available from the Recorded Sessions section of the Online Learning Center. This one-hour recording briefly reviews major ACH compliance topics in a convenient format that is available for viewing at any time.

If you have any questions about our ACH compliance resources or training options, contact Ed Beck, Training & Education Specialist, at 720.540.4648 or via email at ebeck@suncorp.coop.

Share Draft Return Guidelines

Return Timelines Returns must be submitted by 1:30 pm PT / 2:30 pm MT / 3:30 pm CT of the next business day following our transmission of the share draft file. If you are submitting your returns on the same day as our share draft file transmission, please do not submit them before 1 pm Mountain Time.

Confirmation Messages You should receive a confirmation e-mail message from us within a few minutes after you submit the return file. The message will confirm both the number of return items and the dollar amount total. Contact us if you do not receive this confirmation, or the totals do not match your records. We can then quickly resolve any potential problems that might exist with your return file.

Return Codes / Reasons Most share drafts returns are submitted with the normal return reason codes for Insufficient Funds, Closed Account, Uncollected Funds, etc. If any returns are submitted with the “Other” return code, it will be marked with the generic “Refer to Maker” reason unless we are notified otherwise. If you wish to return any such items as Unauthorized, Altered, Endorsement Missing, or any other unusual reason, just give us a call so we can mark these returns with these special reason codes.

Adjustments Many types of disputed entries or processing errors should be handled as adjustments rather than returns. Encoding errors and duplicate items are the most common examples of issues that are resolved through the adjustment process. In some cases, credit unions may need to contact the Depository Bank directly to resolve uncommon disputes such as forged endorsements or altered items. For full details on our adjustment services and policies, see our Check Processing Adjustments Guide.

Settlement for Returns Your SunCorp Cash Management Account will normally be credited for the total amount of share draft returns two business days after the return is processed. We recommend that you reconcile all Cash Management Account entries with your corresponding general ledger entries on a daily basis. Prompt reconcilement allows you to easily find and rectify any erroneous entries to either the Cash Management Account or your internal records.

If you have any questions concerning your share draft returns, please contact the Member Services Department at 1-877-786-2677, Option 1.

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