What is the maximum number of calendar days allowed to make a notification to the receiver of a change in the date of debit?

What is the maximum number of calendar days allowed to make a notification to the receiver of a change in the date of debit?

• A. 3 calendar days
• B. 10 calendar days
• C. 7 calendar days
• D. 5 calendar days

Answer: (C)

The correct choice regarding the maximum number of calendar days allowed to notify a receiver about a change in the date of debit is seven calendar days. This regulation exists to ensure that receivers have adequate notice to manage their finances and adjust for any changes in payment schedules. The requirement for a notice period of seven calendar days is part of the NACHA Operating Rules, which govern ACH transactions. This period allows consumers enough time to prepare for the adjusted debit date, minimizing the risk of overdrafts or other negative financial implications. When notifications are made within this timeframe, they help maintain transparency and trust between receivers and originators of ACH payments. This notice requirement is crucial for effective cash management and consumer protection in electronic transactions.

The correct choice regarding the maximum number of calendar days allowed to notify a receiver about a change in the date of debit is seven calendar days. This regulation exists to ensure that receivers have adequate notice to manage their finances and adjust for any changes in payment schedules.

The requirement for a notice period of seven calendar days is part of the NACHA Operating Rules, which govern ACH transactions. This period allows consumers enough time to prepare for the adjusted debit date, minimizing the risk of overdrafts or other negative financial implications.

When notifications are made within this timeframe, they help maintain transparency and trust between receivers and originators of ACH payments. This notice requirement is crucial for effective cash management and consumer protection in electronic transactions.