February 12, 2020
$199 Member/$398 Non-Member
The IRS issues over 101 million tax refunds on a yearly basis and over 80% of these are via Direct Deposit. The average refund amount is over $3,000. With such a high volume, it is imperative that your financial institution handle tax refunds with the utmost care and caution to avoid large dollar losses that can be caused by not understanding the unique requirements of IRS tax refunds. 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, account holder, and tax preparer.
This Webinar Covers:
- The rights and obligations of the financial institution, account holder, and tax preparer
- What happens when the name and account number do not match?
- What happens if the account is closed?
- What happens if the account holder is deceased?
- What happens if the payments post to the wrong account and who is at fault?
- What are the rights and obligations of the RDFI, customer, and tax preparer?
Who should attend: This session is ideal for ACH Operations, Branch Personnel, Compliance Officers and AAP Candidates
1.2 AAP Credits | CTP Credits May Apply