LENEXA, Kan. – U.S. Central says it will make whole any corporate or individual credit union which might have suffered a loss, or had a member suffer a loss, due to a malfunction in the processing of ACH transactions, according to Roger Dick, director of communications for the corporate credit union. Dick explained that on Friday, April 2, the Corporate inadvertently triggered a limit on the number of ACH transactions it could process in a day. The limit, which was contained in the software used by the corporate's vender ACI, shut the processing down and resulted in a corrupted data file. Complicating the situation still further, an employee error meant that there was no good data backup file of Friday's business, Dick explained, guaranteeing that the problem rolled in Monday. Automatic Clearing House transactions clear checks and drafts on checking accounts from around the country. Dick said that the corporate had taken steps to make sure that the ACH processing limit “will not be a factor” in the future and that the credit union had begun to review its back up procedures.

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.