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ACH Specialist Series:
Direct Deposit Tax Refunds: Posting & Exceptions

Thursday, January 19, 2017

10:00 am – 11:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET

The IRS issues over 101 million tax refunds yearly – over 80% via Direct Deposit. The average refund is over $3,000. With such a high volume, it is imperative that financial institutions handle tax refunds with the utmost care to avoid large dollar losses that can be caused by not understanding the unique requirements. These requirements address account number/name matching situations, deceased recipients, refunds posting to incorrect accounts, and refunds as exception items. This session will cover the rights and obligations of the financial institution, accountholder, and tax preparer. Learn how to handle these exceptions correctly to minimize your financial institution’s liability.

This course is eligible for 1.8 AAP credits.
Continuing Education:
Attendance verification for CE credits upon request

HIGHLIGHTS

  • What happens if the account is closed?
  • What if the accountholder is deceased?
  • What happens when the name and account number do not match?
  • What if payments post to the wrong account? Who is at fault?
  • What are the rights and obligations of the RDFI, consumer, and tax preparer?
  • New information about IRS and NACHA opt-in programs to help the IRS recover suspect funds

  • TAKE-AWAY TOOLKIT
    • Quick reference for handling federal government tax refunds according to the Green Book
    • Employee training log
    • Quiz you can administer to measure staff learning and a separate answer key

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WHO SHOULD ATTEND?

This session is ideal for ACH operations, branch personnel, compliance officers, and AAP candidates.

PLEASE NOTE: Webinar content is subject to copyright and intended for your individual financial institution’s use only.

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