Webinar 6 March 20, 2014 Exceptions Returns and Adjustments
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1 Webinar 6 March 20, 2014 Exceptions Returns and Adjustments 1. If you determine you have a duplicate item presented the day after presentment, you may opt to return or adjust the item. True or False? 2. What typically distinguishes a customer return from a return for an administrative reason? 3. A bank received a Check Detail Addendum A Record (Type 26). In returning this item, what X9 record type must be included? 4. What is the dollar amount under which the Federal Reserve will not generally handle an adjustment? 5. Under the Fed adjustment rules, a PAID adjustment claim is used for what 6. Under the Fed adjustment rules, a DUP adjustment claim is used for what 7. How is an Unauthorized Remotely Created Check handled under common industry rules? 8. When would a Pricing Error Adjustment (PEA) be used?
2 Answer Key Webinar 6 Exceptions Returns and Adjustments
3 : 1. If you determine you have a duplicate item presented the day after presentment, you may opt to return or adjust the item. True or False? 2. What typically distinguishes a "customer return" from a return for an "administrative reason"? True but timing is key. Return items may be directed back to the BOFD, or a prior collecting or presenting bank based on the exchange channel used and agreements in place. However the regulatory requirements must still be followed. Paying Bank must meet requirements for both UCC (midnight deadline for return) and, for a return to be considered to be handled expeditiously, the Paying Bank would need to ensure the returned check was received at the depositary bank by 4:00 pm (local time of the depositary bank) on the 2nd business day following banking day of presentment. Customer Returns may be called monetary returns while administrative returns, or a return for an administrative reason, may be called a non-monetary return. However all returns carry monetary value. Customer Return is a dishonored item under check law. Usually the Paying Bank has attempted to charge/post the item to the drawer customer s account. A return for an administrative reason is an item that is being returned for a reason other than dishonored item, such as a poor quality image. Usually handled internally (bank-to-bank) rather than being charged to the customer Can also be handled through adjustment process If handled as return, these items must adhere to legal requirements for return items. 3. A bank received a Check Detail Addendum A Record (Type 26). In returning this item, what X9 record type must be included? Return Detail Addendum A Record (Type 32) X Records - Returns Type 31 record generally mirrors Type 25 record on Forward side except - Type 31 record contains MICR data but does NOT include the Aux-on-us field - Type 33 record has the Aux On-us field Presence of the aux-on-us field may be used to determine if item can be converted to ACH - Type 32 record is flipped from the Type 26 record on the Forward side and typically contains the BOFD information
4 : 4. What is the dollar amount under which the Federal Reserve will not generally handle an adjustment? 5. Under the Fed adjustment rules, a PAID adjustment claim is used for what 6. Under the Fed adjustment rules, a DUP adjustment claim is used for what 7. How is an Unauthorized Remotely Created Check handled under common industry rules? $ Generally all adjustments handled through the Federal Reserve must be $25.01 or greater unless the request is for a Paid Item (PAID) or Not our Item (NOI) adjustment. There may be other minimums for specific investigations types. For details on all current Fed adjustment types (ITYPs) and specific minimums go to: Used to report an item that has previously paid. This is the Federal Reserve adjustment type for handling duplicates. Under the ECCHO Rules the adjustment type to report an item that has previously paid is a Duplicate Item adjustment type. See the ECCHO Rules, Adjustment Matrix (Exhibits II) for more information Used for duplicate adjustment entries not for an item that paid twice. An example when it would be appropriate to make a DUP adjustment claim: BOFD made encoding error. The Paying Bank s customer reports error. Both banks send a correction for the same error. The DUP adjustment would be used to adjustment the duplicate adjustment entry. ECCHO Rules A breach of warranty claim can be sent for the unauthorized remotely created check via the return channel direct from Paying Bank to BOFD ( Rule 8 claim); this is not a return but a breach of warranty claim; or Item could be handled as an Unauthorized RCC adjustment o Similar timing and requirements as Fed o 90 days with entry Fed OC 3 Adjustments WIC Unauthorized RCC claim o 90 days from cash letter settlement date See details on various investigation types ITYPs at:
5 : 8. When would a Pricing Error Adjustment (PEA) be used? Pricing Error Adjustment (PEA): For FRB use only PEA claims are initiated by the Fed at the request of Bureau of Public Debt (BPD) Used when the BPD determines a bond was redeemed or processed for the incorrect amount. Banks do not make a PEA adjustment to Fed but must use the ERR adjustment ITYP instead Fed recommends not submitting pricing or amount error requests within first two weeks o To avoid crossing adjustments with BPD adjustments PEA adjustment is subject to standard adjustment minimum or $25.01 o BPD will not initiate adjustments for errors of $25 or less ECCHO Rules: Has the PEA adjustment type under Adjustment Rules and Matrix Can be used when a bank receives PEA from the Fed and needs to make the adjustment to a private sector bank
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