The federal government is one of the largest single users of the ACH network, but did you know that they don’t follow the same NACHA Operating Rules as a typical Originator? IRS tax refunds must be handled with care. The average IRS tax refund is almost $3,000 and every financial institution receives them. With such high volume, it is imperative that financial institutions understand the requirements surrounding tax refunds to avoid potentially large losses. 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. Learn how to correctly handle these exceptions to minimize your financial institution’s liability.
- What if the account is closed?
- What if the accountholder is deceased?
- What if the payments post to the wrong account? Who is at fault?
- Rights and obligations of the RDFI, consumer, and tax preparer
- How the IRS is helping protect taxpayers from fraud
- TAKE-AWAY TOOLKIT
- Quick reference for handling federal government tax refunds according to the Green Book
- Employee training log
- Quiz to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is ideal for ACH operations staff, branch personnel, compliance officers, and AAP candidates.
SPEAKER: Michele L. Barlow, PAR/WACHA
Michele Barlow is the Vice President at PAR/WACHA (The Premier Payments Resource), headquartered in Wisconsin. Before joining the WACHA team in 2009, Michele spent several years as a corporate trainer in the financial industry. She is responsible for development and execution of association training and certification programs, conference planning, and member service. Michele is a member of NACHA’s Blue Ribbon Panel, the APRP Oversight Panel, and the Payments Institute Board of Regents. She is active on other national committees, and a frequent speaker at industry events. She obtained her AAP certification in 2010, her NCP in 2011, and became an NCP Certified Trainer in 2012. Michele holds a Bachelor’s from the University of Wisconsin.