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FRB Releases Information on Its Upcoming Check Debit Transaction Code Changes

Mon, Mar 16, 2015

Washington, District Of Columbia

On December 1, 2014, the Federal Reserve Board of Governors announced changes to Part II of the Payment System Risk policy. These changes are designed to enhance the efficiency of the payment system, to align posting times with current operations and processing times, and to strategically position the rules for future advancements in the speed of clearing and settlement. These changes will become effective July 23, 2015.

However, there are several operational changes NACHA will be making effective on March 23, 2015 to the following Check debit transaction codes.

  • 15040 and 30040 will no longer be used for any Check-related transactions
  • 15090 will be used for all forward substitute check and non-imageable debits, and the description will change to Paper Presentment
  • 30090 will be used for return substitute checks and non-imageable debits, and the description will change to Paper Return Deliveries
  • 15130 will be used for forward PDF debits, and the description will change to PDF Presentments,
  • 30110 will be used for return PDF debits, and the description will change to PDF Presentments

These changes will be reflected in the Account Management Guide in July 2015.

Source: Federal Reserve