Members Reject NACHA's Return-Fee Proposal, But NACHA Still Backs Idea
Digital Transactions reports on NACHA's return item fee proposal which was not adopted based upon a vote of the NACHA voting members. While a majority of the members voted in favor of imposing the new fee, the proposal required a 2/3'rds majority to pass and only achieved 57% approval.
The NREF proposal would have required banks that originate ACH debits for client retailers and other businesses to compensate consumers' banks—the so-called receiving banks—each time they send through a transaction that must be returned because the consumer didn’t authorize it.
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