Upcoming ACH Rule Changes: New Meaningful Modernization Rules

New ACH rules take effect on September 17. Have you updated your financial institution’s procedures?

Meaningful Modernization rules will go into effect for the ACH network on September 17. You need to prepare your financial institution now to comply with the rule changes.

The five new rules address standing authorizations, oral authorizations, other authorization proposals, an alternative to proof of authorization, and electronic Written Statements of Unauthorized Debits. You must quickly update your procedures to accommodate the revised requirements.

• What are the new rules?
• How do the rule changes apply to your financial institution?
• What impact will the rules have on accountholders and originators?
• What specific steps must you take to comply before September 17?