Upcoming Nacha Rule Changes

Effective September 18th, 2015, new Nacha Rules will be in place to further improve ACH network quality by reducing the incidence of returned entries. InterceptEFT wants you to be aware of the following Rule change:

Reinitiation of Entries

  • Clarifies existing rules on when Entries may be reinitiated in the ACH Network
  • Defines Improperly Reinitiated Entry
  • Requires that all Reinitiated Entries contain "RETRY PYMT" in the Company Entry Description field.
  • Clarifies requirements on fields that cannot be changed to constitute a properly Reinitiated Entry (i.e. Company Name, Company Identification and amount)
  • Applies to all Entries except for those with the Standard Entry Class (SEC) code RCK

Return Rate Levels

  • All rates as part of this change apply to debits only over a 60-day window
  • Reduces the existing Return Rate Threshold for unauthorized debit returns (R05, R07, R10, R29, R51) from 1% to .5%.
  • Establishes two new Return Rate Levels:
    • Administrative Returns (R02, R03, R04) cannot exceed 3%
    • Overall Returns (all reason, except RCK Entries) cannot exceed 15%

Please access our online reports to determine if your company's rates exceed these levels and begin taking steps to lower your rates. If your company's rates exceed these levels, InterceptEFT may be contacting you to request a plan of how your company plans to reduce the rates. To learn more, click here.

To view reports simply login to our website and click the REPORTS tab -> Settlement tab -> Temporal Risk Analysis (30/60).

Credit Card EMV Chip Technology

  You may have noticed a "chip" embedded into your new credit cards. This new chip creates a unique transaction code that cannot be used again in order to protect cardholder data and reduce fraud.

Effective October 1st, the new EMV Technologies and the liability shift will take effect. With these new changes, the liability for card-present fraudulent transactions falls to the party that is the least EMV compliant.

For example:

If a customer uses a chip card that was stolen and the merchant has a non-EMV terminal, the merchant is liable for that fraudulent transaction.

What does this mean to the merchant?
To avoid the possibility of fraudulent transactions, it's recommended that you purchase a new terminal with EMV chip technology. More information will be provided in the coming weeks.


Independence Day is Saturday, July 4th

Independence Day falls on a Saturday this year and is not an observed holiday by the Federal Reserve Banks so InterceptEFT will not be closing to observe the holiday and will continue processing and conduct business as usual.

InterceptEFT's Next Day Solution

Are you worried about client's NSFs? Do high payroll dollar amounts make you nervous?
Protect yourself and your business with Wire Drawdown from InterceptEFT. Wire Drawdown is a business-to-business transaction utilized to minimize risk by creating a good funds model. Your client pre-authorizes InterceptEFT to withdraw funds via a wire transfer to secure funds for next day settlement.

Contact us today to get started!

Payroll Fraud is on the Rise

The industry has seen a number of instances of potential fraud recently, and would like to remind everyone to be on alert. As the processor, it is your responsibility to cover the lost funds so it's important to be diligent and know your customer. To help identify possible fraud, we have compiled a list of "red flags," which may be indicative of payroll fraud:

Red Flags:

  • Employee accounts are PAYCARDS
  • Hurried set-up requested by new payroll customer
  • Communication only via email from payroll customer or communication that seems abnormal
  • Customer and its employees are in geographically diverse locations
  • And more‚Ķ

Be diligent about protecting your business by knowing your customer! To learn more and to find solutions click here.

For the past 6 years, the InterceptEFT Golf Extravaganza has helped to provide over 100 scholarships to local students in the Fargo-Moorhead area. Sponsorships are available or join us for our 6th Annual InterceptEFT Golf Extravaganza on July 30th!

*Employee Spotlight*

  Tom Lessard -¬†Operations Supervisor
Tom has been with InterceptEFT for 11½ years. Tom and his wife, Penny have been married for 37 years and have 4 sons and one granddaughter. He enjoys gardening, biking and hanging out with his granddaughter who keeps him quite busy. His favorite part about working at InterceptEFT is the opportunity to work with customers like you every day.