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Stop That Payment! - 2016
Mary Beth Guard Recorded on April 27, 2016
Not so long ago, stopping payment was an easy thing. The payment was either a check or an ACH item, and all you had to do was make sure you selected the right form for the customer to complete. Now, check conversions and image presentments have thrown confusion into the mix, making the handling of stop payment more complex.
Dramatic increases in the use of ACH transactions by consumers have made it more important than ever that bankers understand the relationship between Regulation E's stop payment provisions and ACH rules. It's also important that bank employees understand the relationship between revocations of preauthorized EFTs and stop payments.
Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment. Not all payments can be stopped, and it's important that bankers know which items will almost always get them into trouble if the bank refuses payment. Failure to understand this concept can lead to lawsuits, increased legal costs, and significant losses.
In this webinar, Mary Beth will cover:
All of the most common payment methods
The difference between oral and written stop payments
What happens after a stop payment has expired
The extent of the bank's exposure if it misses a valid stop order
How stop payment orders can be lifted or revoked
Who has the authority to issue a stop payment order
How ACH stop payment rules work
When a "missed" ACH stop payment may still be returned, and how
How to deal with claims an official check has been lost, stolen or destroyed
When to refuse a request to stop payment on an official check
Whether you can refuse to accept a stop payment if you think it's only to avoid an overdraft
Why a depositor may have to pay, even after payment has been stopped
The importance of making stop payments work on both paper and ACH items
When a stop payment order arrives too late
Participants in the webinar will better understand how to respond when their customer says, "Stop that payment!"
Mary Beth Guard
Mary Beth Guard currently serves as Executive Editor of BankersOnline.com, CEO of Glia Group, Inc. and Executive Editor of BankingQuestions.com. Since graduating from law school in 1980, Mary Beth has focused her work almost exclusively on the banking industry. Previously, Mary Beth served as EVP/General Counsel and COO for the Oklahoma Bankers Association, EVP of Specialized Services for Thomson Financial Publishing, and General Counsel for the Oklahoma State Banking Department. Mary Beth is on the advisory board for Bankers' Hotline. She has presented training programs for virtually every major national financial industry association, as well as more than a dozen state bankers associations and a host of other organizations. In addition, Mary Beth has written more than a thousand banking-related articles and is a BOL Guru.