January 26, 2018
Federal Government Reclamations
The Federal Government uses Reclamations to recover benefit payments made via ACH to an account of a recipient who died, or who has become legally incapacitated. Timing and accuracy are crucial when dealing with this sensitive process. Under 31 CFR 210, your financial institution may be liable for the full amount of Reclamations if proper procedures are not followed, but a few simple procedures can dramatically reduce your financial institution's liability.
AAP Credits .60
Member Price: $70
Non-Member Price: $140