Customers will soon have the ability to manage FedACH exception cases through a new FedACH Exception Resolution Service accessed through their FedLine Web® or FedLine Advantage® Solutions. FedACH exceptions are defined as disputes, notifications, questions or requests for additional information either from a financial institution or on behalf of an account holder of the institution.
The Exception Resolution Service was developed in response to customer feedback about challenges surrounding the resolution of ACH exception cases. Prior to the Exception Resolution Service, in order to resolve exceptions that arise from ACH payments, financial institutions were required to deal directly with each other by utilizing time consuming means of communication and supporting document exchange such as fax, phone, email and mail. The Exception Resolution Service will eliminate or reduce many of these labor intensive processes when both the originating depository financial institution (ODFI) and receiving depository financial institution (RDFI) are enrolled in the service.
The Federal Reserve Banks want your adoption of our Exception Resolution Service to occur as smoothly as possible. Information about how to sign-up will be available soon. For more information, contact your account executive. For information on pricing for the service, refer to the FedACH Services fee schedule.