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The Nacha Rules Continue To Evolve — And Credit Unions Need To Prepare

Stay on top of changes and rules compliance in 2024.

Odds are you don’t have a black and white TV at home or an 8-track tape player in your car. Times change, and you’ve got to keep up — a general rule that applies to more than just technology.

Staying in compliance with Nacha’s rules is vitally important for credit unions for many reasons, including providing the best service for your members.

Nacha’s operating rules are different today from even just a year or two ago. For example, Nacha issued an updated sample Written Statement of Unauthorized Debit (WSUD) in 2023 with language alerting consumers of the risks of making false claims of unauthorized ACH debits to their financial institutions. Additionally, 2023 saw implementation of phase two of the Micro-Entry Rule, requiring originators to use commercially reasonable fraud detection with micro-entries, including monitoring forward and return volumes.

Both the new rule and the updated sample WSUD are among the updates included in the 2024 Nacha Operating Rules & Guidelines.

The rules are available in different formats through the Nacha store. There’s the traditional print edition, of course. And because Nacha moves with the times (no 8-tracks here), we also offer online resource as well as an app product.

And as the rules evolve, your credit union will stay up to date, because Nacha will issue supplements if it approves any new rules in 2024.

Your members are undoubtedly reaping the benefits of ACH, whether it’s through direct deposit, automatic payments, or other uses. A key reason why the ACH network is thriving is the willingness of financial institutions of all sizes to follow Nacha’s rules, ensuring a fair, safe playing field for all participants.

You’re not going to the corner to catch the horse-drawn trolley to go see a silent movie. Times have changed.

Make sure your credit union has the 2024 Nacha Operating Rules & Guidelines.

This article is sponsored by a recognized solutions provider in the credit union industry. Callahan & Associates does not endorse vendors or the solutions they offer, and the views and opinions offered here might not reflect those of Callahan. If you are interested in contributing an article on CreditUnions.com, please contact the Callahan team at ads@creditunions.com or 1-800-446-7453.
December 11, 2023

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