Payments News from Planters First Bank

Commercial Customer Newsletter

Reminder for Online Wires:

Please contact us when there is a change with staff in your organization. By not notifying us it could cause a delay in Online Wire transfers and affect other treasury services you are using.

For wires we will need a new Designation of Authorization completed and sign. Also make the changes in our back-office software.
Your company Admin can add or delete users, but we will still need to be notified if the user had access to other treasury product like Commercial Remote Deposit, ACH, Online Wires and Business Bill Pay.

Reminder-When sending an Online wire transfer please remember to use physical address only.

Additional Support:

Some of you have met our newest member of the Treasury team, Genny McDonald. Genny was highlighted in 2020 4^th Quarter Commercial Newsletter. Going forward please note that Genny may be in contact and/or that she may offer assistance in the future when you contact the bank.

Review Upcoming Holiday Closures; files received on these days will be processed the next business day. For half day closures please submit your ACH file before Noon to insure the processing of the file. If you have any questions, please contact Tracy NeSmith, Genny McDonald or the Solution Center at 833-732-8351.

Upcoming Onsite Visits

Beginning in October I will be performing onsite visits. I look forward to seeing everyone and meeting in person. Please be on the lookout for my email to verify the time and date of our visit. If the timing is not good, please let me know so I can schedule a more convenient time for us to meet.

ACH Return Notifications for Originators

When one of your ACH transactions that you originate is returned, we will no longer be notifying you through fax or email. You will get an email alert (example below) letting you know that an External Report has been loaded to Report Manager. You will then need to login to your ACH Client, go to Report Manager to view the notification and make changes accordingly. This will become effective on date. You will need to verify your email in the notification option in ACH Client to ensure that it is correct. Please call Genny McDonald or Tracy NeSmith with any questions 833.732.8351. Below is a copy of the email notification.

Email Alert Example:

NEW NACHA RULES FOR REVERSING ACH FILES AND ENTRIES

Became Effective June 30, 2021

This Rule addresses improper uses of reversals. As a reminder, a Reversal is a file or an entry that is reversed once the file or entry has been initiated. Once an entry or file of entries has been transmitted into the ACH Network, it cannot be recalled, but an erroneous or duplicate file may be reversed. If a single entry has been duplicated or originated erroneously, the ODFI may request the RDFI to return the entry. Reversal capability allows fast, efficient, and accurate recovery from an error. Various participants in the ACH Network can initiate a reversal, depending upon the reason for that reversal. This new rule will expand the permissible reasons for a reversal to include a “wrong date” error.

REVERSING FILES

File reversals may be originated to correct a duplicate file or an erroneous file in which all of the entries were incorrect.

A duplicate file is a file that was erroneously transmitted twice in the ACH network. Duplicate files are exact in that all data within the two files are exactly the same, including effective entry dates, trace numbers, dollar amounts, etc. Therefore, the Receiver was erroneously paid (credits) or charged (debits) twice.
An erroneous file – An erroneous file is one in which the information within a substantial number of the entries was incorrect. For example, the Receivers’ account numbers could all be invalid, causing the entries to be posted or rejected incorrectly, or the dollar amount could have been incorrectly calculated, causing the Receiver to be credited or debited incorrectly.
File reversals may be originated to correct a duplicate file or an erroneous file in which all of the entries were incorrect.
The reversing file must be transmitted to the RDFI within five banking days of the settlement of the erroneous entry.
A file can include an entire file or a number of batches that constitute a segment of a file.
A reversing file will only reverse those batches that were duplicate or erroneous.

REVERSING AN ENTRY

An Originator that originates a payment in error may originate a reversing entry.

An erroneous entry is an entry that (1) is a duplicate of an entry previously initiated by the Originator or ODFI; (2) orders payment to or from a Receiver different than the Receiver intended to be credited or debited by the Originator; (3) orders payment in an amount different than was intended by the Originator; or (4) is a PPD credit entry satisfying each of the following criteria: (i) the PPD credit entry is for funds related to a Receiver’s employment; (ii) the value of the PPD credit is fully included in the amount of a check delivered to the same Receiver at or prior to the Receiver’s separation from employment; (iii) the PPD credit entry was transmitted by the Originator prior to the delivery of the check to the Receiver.
The reversing entry must be transmitted to the RDFI within five banking days of the settlement of the erroneous entry.
The advance notification rule (Standing Authorization) for variable amount debits and the rules governing authorization requirements do not apply to reversing entries. NOTE: Some Originators may choose to obtain direct authorization for reversing entries.
These newly implemented rules expand the permissible reasons for a reversing entry to include an error in the effective entry date. These will include the reversal of a debit entry that was for a date earlier than intended by the Originator and the reversal of a credit entry that was for a date later than intended by the Originator.
These newly implemented rules were expanded to define explicit formatting requirements and returning reversals.

REVERSAL REASONS PROHIBITED UNDER NETWORK RULES

On June 30, 2021, the Rules went into effect that clearly prohibits the initiation of reversing entries or files for any reason other than those permissible under the Rules. The Rules define non-exclusive examples of circumstances in which the origination of reversals in improper. These include:

the initiation of Reversing Entries or Files because an Originator or Third-Party Sender failed to provide funding for the original Entry or File.
the initiation of a Reversing Entry or File beyond the time period permitted by the Rules; and
the initiation of a Reversing Entry for any reason other than one explicitly permitted under the Rules.

Refer to the most updated NACHA Operating Rules for additional information on reversing files and/or entries.

REVERSALS OF FILES AND/OR ENTRIES MAY NOT BE USED IN CASES OF FRAUD

A common misunderstanding of ACH Originators is that reversals may be used when a fraud event has occurred. The NACHA Rules on reversals are explicitly stated to only include reasons of duplicates or erroneous files or entries. If you are victim of ACH fraud, contact the financial institution for assistance.

BUSINESS EMAIL COMPROMISE AWARENESS: PROTECT YOUR MONEY

Business email compromise continues to be the top cybercrime reported to the Federal Bureau of Investigation’s Internet Crime Complaint Center. Businesses are often the targets for these types of attacks. In disaster events such as COVID 19 and through other catastrophes, fraudsters take advantage of businesses and individuals by tricking them into surrendering account information and other sensitive information with the end goal of stealing money and information. Please take some time and train all of your employees on how to prevent this type of crime.

Follow documented controls for the validation of new or revised payment information and do not stray from these controls unless you escalate to the designated person.
Understand how BEC scams work so identify these types of scams.
Never trust emails, texts, or unsolicited phone calls to authorize payment requests or change contact information. Always verify.
Escalate any and all concerns if any payment (e.g., ACH, Wires, Checks, etc.) seems suspicious—even after confirming the payment. Always escalate.
Always be very suspicious if a vendor offers vague reasons for changes to a new account, such as tax audits or current events, e.g., “Due to COVID-19, we need to update our payment information for your PPP loans, unemployment payments, vendor data, etc.

Let us know if you have any questions. We are happy to provide you with additional information on how to protect your account and comply with network rules and regulations.

Click here to view past newsletters.

In Person | Solution Center (Call Center) 833.PFB.TEL1 | Online/Mobile | Video Banking

Cordele - Hawkinsville - Fitzgerald - Ocilla - Perry - Macon - Warner Robins

Start a Video Banking Chat Today!

About Planters First Bank:

Founded in 1896, Planters First Bank, the 8th oldest ﬁnancial institution in Georgia, is headquartered in Cordele, Georgia, and operates seven full-service locations throughout Middle Georgia. In February 2021 Planters First Bank celebrated its 125th Anniversary.

Contact Planters First Bank Toll-Free at (833) 732-8351 (833.PFB.TEL1) or email us.

News & Alerts | Locations & Hours | Important Numbers | Video Banking | Leave us an Online Review

Member FDIC | Equal Housing Lender | Bank NMLS#500174