I received a notice from my bank that we are required to purchase the 2015 NACHA Rules & Guidelines in order to continue using their ACH services. Is this a common requirement of commercial banks? I believe that the cost is nominal; however, it is more of a matter of principal.
2015 NACHA Operating Rules & Guidelines
Answers
If you go to www.nacha.org you can create an account (no charge) and access a copy (read only) of the rules. Clearly the reading and understanding of the rules is important if you are going to use ACH's.
With respect to the requirement to purchase the rules, I can only conjecture that your bank either has created that requirement as a best practice policy/procedure, or, your bank contact is a little overzealous. Purchasing a copy possibly presumes you will read it. (Of course, did you read every text you purchased as a college student?) Our bank does not require us to purchase it. But, I did sign an agreement that says I will read it each year. That is painful enough.
I will say the website makes it easy to purchase a copy. As to how you respond to your banker, I'm sure others will comment on that matter.
Our organization is non-profit and we attempt to be wise stewards of funds entrusted to us by donors. Consequently, I have not purchased a copy. However, just finding the time to read the rules annually is a challenge.
Filed Under:
Cash Management