NACHA has released critical updates to ACH rules that may impact your daily operations. Below is a breakdown of these changes and how to stay compliant.

  

Update 1

What’s Changing for Payroll (Company Entry Description):

ACH files and templates must now use clear and accurate descriptions when processing payroll transactions.

 

  • For Templates – If you are using templates to pay your employees their payroll, please update your Template Description to “Payroll”.

• For Uploaded Files – If you are using a NACHA file

  • For Uploaded Files – If you are using a NACHA file to pay your employees their payroll, please update the Company Entry Description field to “Payroll.”. 

Clients originating ACH transactions

 

Update 2

Clients originating ACH transactions within the Bank of Central Florida Business Electronic Banking (BeB) platform are now required to have Processes and Procedures in place indicating their method for verifying vendor routing and account number changes, employee routing and account number changes, returned ACHs and security controls just to name a few. 

We have provided an example template which is available via your BeB platform.

The template can be found by the following navigation:

Administration > Communications > Forms and Documents.  

You can add or change the procedures as your company sees fit, but your company is now required to have these in place going forward.  These procedures will need to be reviewed by your company annually. 

Our Treasury Management team is available to help you review your setup and ensure compliance.

If you have any questions or need assistance, please feel free to reach out.

Treasury Management

(863) 578-3650