The change enhances NACHA’s anti-fraud mitigation. Simply stated, the new NACHA checking account validation rule means checking to make sure that the checking account routing and account numbers submitted for a given ACH transaction are valid. By valid we mean the account is open.AgilePayments offers cost effective, easy to implement NACHA compliant solution.Bill Presentment and Payment SolutionsNACHA is looking to reduce these returns as well as trying to combat fraud attempts. A fraud scheme could work as follows: Person or entity looking to perpetrate fraud initiates low $ debit or pre-note transactions to identify open bank accounts. Note: A prenote is a zero $ electronic ACH inquiry. Prenotes were a popular tool to validate a bank account especially before recurring payment plans are scheduled.Read More
