Does it take you forever just to resolve a simple Automated Clearing House (ACH) exception case? Are you wasting time by the phone or fax machine? Then the FedACH Exception Resolution Service can help you reclaim your time! We’re breaking down a few common misconceptions we hear from customers about why they think they cannot take advantage of the service.
- I cannot use the service because my files go through a third party.
We hear this myth often, and the truth is that even if you do not process your own ACH payments, the service could still help you resolve cases that come from your processor. We capture all ACH activity that comes through the Federal Reserve – even when the sending or receiving point is a third party – so you can initiate cases for any entries settled through FedACH.
- I need a FedLine Advantage® connection to initiate and respond to a case.
False! If you have a FedLine Web® connection, you can still access the service. You only need a FedLine Advantage connection if your institution wishes to use FedACH file-processing services.
- I can only send exception cases to financial institutions that are currently set up on the “Full Service” option.
To help ensure that this service has the broadest reach possible, as a one-time event, we automatically granted users with FedLine® FedACH Information Services access the ability to respond to cases initiated with their institution. That means many institutions that might only be set up on this “Partial Service” can still resolve cases with your institution.
- We only have exceptions every now and then, so the automated Exception Resolution Service isn’t worth it for me.
The Exception Resolution Service is designed to give you flexibility and automation in resolving your exception cases. Even if you only handle a few exceptions, we still think you’ll find value in knowing that when you use the service, your information is being exchanged securely and to the authorized individual at the other institution. The service also provides access to two years of ACH transactions settled at the Federal Reserve Banks and a 13-month archive of all cases sent or received for your institution, which can be helpful when you’re investigating older cases.
If we’ve busted any of these myths for you and you would like to learn more about how the Exception Resolution Service can help your institution, watch a quick video that explains solving exception cases (Off-site) or reach out to your account executive. Not sure who your account executive is? No problem! Complete our contact request form and we’ll put you in touch with them.