Sep 122021

Nacha has established the attached indemnification agreement to serve as a standard written claim and compensation agreement that can be used in cases where such additional compensation is desired by an RDFI. Nacha encourages financial institutions to familiarize themselves with this agreement and to take into account the situations in which they are intended to be used, as their use reduces delays and costs related to the negotiation of the terms of agreements between financial institutions. Bank of America was eventually able to recover about US$400,000 from fraudulent pay slips. But in a complaint (PDF) filed against the bank, the hospital claims that an employee of the Chelan County Treasurer noticed something unusual the following Monday – April 22, 2013 – and drew the bank`s attention to the suspicious activity. We use personal data only in accordance with our online privacy policy and the U.S. consumer privacy policy. For more information, visit our website at In total, the attackers appear to have recruited at least two dozen masonry to transport the stolen loot. All but two of the mules used or opened accounts at four of the country`s top five U.S. banks, including Bank of America, Chase, Citibank and Wells Fargo. There is no doubt that these institutions together account for a significant percentage of today`s retail accounts in the United States, but interviews with mules recruited by this criminal gang indicate that they were ordered to open accounts with these institutions if they did not already have them. Charisse Castagnoli, an associate professor of law at John Marshall Law School, said banks have a fiduciary duty to their customers to respond in good faith to their requests and, as such, they tend to be very nervous legally when working with another bank to cancel payment orders from one of their own clients.

The “harmless maintenance” agreement is normally requested by the bank that received a fraudulent transfer, Castagnoli said, and it requires the responding bank to assume any responsibility for the fees the requesting bank may bear later if the account holder who received the fraudulent transfer decides to dispute the payment refund. . . .

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