HERNDON, Va. – New rules from NACHA will permit consumers to make e-check payments over the phone. The rules, which went into effect Sept. 14, allow merchants, billers and government agencies to offer an e-check payment option over the telephone. It will be processed using the ACH network and will take one to two days to be posted to a checking account. The consumer's verbal authorization of an e-check over the phone is either tape-recorded or a written confirmation notice is sent to the consumer. NACHA has been conducting an e-check pilot program since July of 1999. To date, it has produced 10.5 million e-checks.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.