The Ops Stop provides your organization with a one-stop shop full of helpful operational resources offered by the Federal Reserve Banks. This month, we are featuring a video series about the FedACH Exception Resolution Service that illustrates both how and when the service can be beneficial to your financial institution.
The Federal Reserve Banks launched the FedACH Exception Resolution Service in response to customer feedback about challenges surrounding the resolution of ACH exception cases. Instead of waiting by the fax machine or in the call queue, customers can now simply log in to the FedLine Web® or the FedLine Advantage® Solution and initiate an exception case with another financial institution.
If you have encountered any of the scenarios below, watch and learn how to better manage your ACH exception cases.
Scenario #1: Did a customer claim that the debit from their account was not the correct amount? The Exception Resolution Service can be used to resolve this issue in a snap.
Scenario #2: Did bad weather cause operational delays? Learn how to use the Exception Resolution Service to get caught up quickly.
Scenario #3: Do you need to contact another financial institution to request a written statement of unauthorized debit? You can use the Exception Resolution Service to cut down on time.
Scenario #4: Do you wish you could avoid sending faxes back and forth to resolve duplicate files? Watch how the Exception Resolution Service can eliminate this hassle.
What other ways can the service help me manage ACH exceptions?
The Exception Resolution Service aims to provide a simpler, more streamlined and secure option for handling exceptions. The service:
- Allows you to open, receive, read, respond, close or cancel an exception case for ACH transactions settled via FedACH and includes supporting documentation
- Provides functionality used to search a two-year historical repository of ACH entries, in order to populate exception cases with ACH entry details
- Provides a mechanism for the secure exchange of sensitive exception case information between financial institutions
- Provides a 13-month archive to access and view all cases sent, or received, by your institution
- Exports messages easily from your Exception Resolution Service Inbox, Outbox and Archive to a Microsoft® Excel® spreadsheet
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