EFT Exception Processing
Each agency will need to designate personnel that will be responsible for completing the Stop Payment/Delete
and Reversal form. This form is located on this website and is available in either Microsoft word or PDF format.
The agency must complete two sections, the box at the top of the Stop Payment/Delete and Reversal Form and
Section 2: Transaction Information. Agencies can fax the completed form to the State Treasurer's Office, Attention
Banking Services - EFT Department, 405/521-4176. For State Payroll items, agencies must use the OSF Payroll
Warrant Cancellation Form.
- Stop Payment/Deletes
Stop Payment/Deletes are initiated for items that have been processed, but have an effective date that is three (3)
or more days prior to the effective date of the item to be stopped. These items will be returned to the State on the
effective date of the item.
- Reversals
Reversals are initiated for items that do not fall into the Stop Payment/Delete timeframe. When an item or file has
an effective date that is two (2) or fewer days prior to the items effective date or it is after the effective date, a reversal
item is initiated
If the reversal is successful, a deposit transaction will be posted to the same fund or account that the EFT item was
charged to as a disbursement transaction.
A reversal is a debit or credit EFT/ACH transaction that is initiated and follows the credit or debit item to the receiving
account. Reversal items are at risk of being returned to the State. Agencies must notify the receiving party that the
reversal item has been initiated against their account. Therefore, if a reversal item is denied by the RDFI (Receiving Bank),
the Agency is responsible for collecting the funds from the Receiver. The following guidelines for reversals will apply:
NACHA rules state that reversing entries must be transmitted to the ACH network within 24 hours of discovery of the error,
and by midnight of the fifth banking day following the effective date of the erroneous entry. The NACHA rules require the
Originator (the Agency), to notify the Receiver of the reversing entry no later than the effective date of the reversal.
To reverse an entry, the agency must fax the Stop Payment/Delete and Reversal form, containing the elements listed
below, to the State Treasurer's Office EFT/ACH Manager, 405/521-4176. Payroll reversal entries must go through the
Office of State Finance.
- Agency name & Agency number
- Class ID
- Participant ID number
- Dollar amount of reversal
- Effective date of the erroneous entry
- Positive statement that the Agency has notified the Receiver
After processing a reversing transaction, the State Treasurer's Office will credit the Agency's account on the date
of the return.
Notification of Change
A notification of change (NOC) is a non-dollar entry that the State receives for the purpose of identifying incorrect
information contained within an ACH entry and providing correct data in the precise format to be used on future
transactions. Failure to respond to the request might result in delayed processing, rejected or returned items in
the future and even penalties.
In order to gain access to the system for reviewing EFT Bank Returns and EFT Exception Reporting, each
agency will need to complete the User Access Enrollment Form located on this website and available in either
Microsoft word or PDF format. Complete the enrollment form and return it to the State Treasurers Office, attention
Banking Services - Training.
Each agency is responsible for completing a timely review of their EFT/ACH participants to verify the accuracy,
completeness, and validity of the information.
Returns
Occasionally, some ACH transactions are returned by the receiving bank for reasons such as a closed account
or an invalid account or invalid transit routing number. When the State Treasurer's Office receives a returned entry,
the agency will be advised and provided with a Return Item Report.
The State Treasurer's Office will debit the agency's account for the amount of the return. Payroll EFT return items
will be posted to an account in the Office of State Finance. Each agency is responsible for resolving returned items
as necessary to prevent rejected or returned items in the future. The Banking Services Division, EFT/ACH Manager
may be contacted at (405) 521-6070 for assistance or to obtain an updated Return Reason Code listing.
|
