Managing Consumer ACH Federal Tax Refunds: Exceptions, Posting, & FI Responsibilities
Rayleen is the founder and owner of RP Payments Risk Consulting Services, LLC. based in Missouri. She is a nationally recognized payments risk and fraud expert who offers specialized consulting services, procedural and risk management reviews, and payments education. Rayleen’s specialized skill is delving into the world beyond the payment rules; areas where organizations often find themselves in positions of liability or loss with little to no clear guidance. She is an Accredited ACH Professional (AAP) who has worked with all payment systems for nearly 20 years. Rayleen also holds a Bachelor’s of Science in Criminal Justice Administration.
Rayleen’s educational programs provide real-world, actionable information for financial institutions and businesses on topics ranging from payments risk management to information security. She authors payments risk and fraud blogs geared toward helping organizations recognize threats and protect themselves from loss.
Always interested in risk management, Rayleen has supported many notable organizations over the years. She is currently a member of the International Association of Financial Crimes Investigators, supporting their training programs since 1998. She sat on NACHA’s Risk Management Advisory Group (RMAG) for two terms and assisted with FSISAC’s first CAPP exercise.
Rayleen has had the honor of presenting programs to such notable groups as:
- The 2015 NACHA Payments Conference – New Orleans
- The Institute of Criminal Justice Studies - Alabama
- The Kentucky Credit Union League Volunteers Conference – French Lick, IN
- The Federal Reserve Bank of Kansas City Risk Management Conference - KCMO
- The Security Matters Information Security Conference – Murray State University
- The American Bankers Association Risk Management Forum – St. Louis, MO
- The Risk Management Association (RMA) – KC Chapter Forum
- Johnson County Community College (guest lecturer) Criminal Justice Administration Studies – Overland Park, KSA
Each year, Federal tax refund time presents a nightmare of situations for institutions. From money mules to identity theft, nasty divorce situations to non-post items, institutions sometimes find themselves in high-risk situations with no clear guidance on how to proceed.
Institutions need to be prepared for the onslaught of situations the tax refund season presents. Regardless of the scenario, there are some sound business practices that can reduce the institution’s exposure to loss and non-compliance.
This webinar, designed specifically for financial institutions, walks through typical federal tax refund situations and helps staff develop a strategy to successfully navigate potential pitfalls. In this course, we will answer common institution questions, including
- We suspect a customer is committing tax refund fraud. Can we do anything?
- When is our institution potentially liable for losses associated with tax refunds?
- What return reason code do we use if we need to return a refund?
- Can we check to see if an account holder is entitled to a tax refund?
Prepare yourself and your team for this challenging time of year! Attendees will receive a bonus Tax Refund Handling Checklist to ensure your institution has considered all aspects of handling tax refunds.
- Explore common federal tax refund issues including fraud, posting to the wrong account, and non-post entries
- Identify the ACH funds availability exception for fraud
- Locate the appropriate ACH returns
- Document sound practices for managing risk
Who Should Attend
This informative session is designed for anyone in the institution responsible for managing payments risk including Operations, Operations Managers, Risk Manager, Compliance, Audit, Retail Managers, Trainers, and Senior Management.