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Tax Refunds: ACH Postings, Exceptions & Liability (ACH Specialist Series)

Date: February 5, 2014

Time: 3:00pm - 4:30pm

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In 2013, the IRS issued over 101 million tax refunds – 79% of these were via Direct Deposit. The average refund amount was $2,860. With such a high volume, it is imperative that your financial institution handle tax refunds with the utmost care and caution to avoid large dollar losses that can be caused by not understanding the unique requirements of IRS tax refunds. These requirements address account number/name matching situations, deceased recipients, refunds posting to incorrect accounts, and refunds as exception items. This session will cover the rights and obligations of the financial institution, accountholder, and tax preparer. Attending will ensure you handle these exceptions correctly and minimize liability.

This course is eligible for 1.8 AAP credits.
Continuing Education: Attendance verification for CE credits upon request

HIGHLIGHTS

  • What if the name and account number do not match?
  • What if the account is closed?
  • What happens if the accountholder is deceased?
  • Who is at fault if the payment posts to the wrong account?
  • What are the rights and obligations of the RDFI, member, and tax preparer?
  • TAKE-AWAY TOOLKIT
    • Quick reference for handling federal government tax refunds according to the Green Book
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

WHO SHOULD ATTEND?

This informative session is designed for ACH operations staff, branch personnel, compliance officers, and AAP candidates.

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