Nacha Indemnification Agreement

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Nacha publishes the attached form entitled “Compensation Agreement – Request for Restitution of Ach Entry Funds” (“Compensation Agreement”) for use by financial institutions in certain situations where an ODFI seeks restitution of funds from an ACH transaction, and the RDFI wishes to receive written compensation in addition to the compensation contained in the nacha operating rules (“Rules”. Nacha encourages financial institutions to familiarize themselves with this agreement and to examine the situations in which they can be used, as their use will reduce delays and costs associated with negotiating the terms of agreements between financial institutions. [1] If you have any questions or concerns about this agreement, please email them to: support@businesstechpro.com or call 1-888-326-6856 Nacha has established the attached compensation agreement to serve as a standard written application and compensation agreement that can be used in cases where such additional compensation is desired by a DYSR. Nacha encourages financial institutions to familiarize themselves with this agreement and to examine the situations in which they can be used, as their use will reduce delays and costs associated with negotiating the terms of agreements between financial institutions. Financial institutions should be aware that subsection 2.12.3 of the internal regulation contains compensation that ODFI grants to a RDFI when the first requests the return of a defective registration or credit holder without the authorisation of the initiator. Nacha became aware of the fact that many financial institutions require an additional written compensation agreement for ACH returns requested, particularly when the return of funds cannot be made through an ach return post (. B for example, an R06 return code) or if funds are returned by the RDFI outside the ACH network (for example. B by wire or cheque). These include situations where the total amount of funds from an ACH transaction is not available for restitution or where funds have been transferred to another account at the RDFI.