What's New? Reclamation of Federal Benefits
Thursday, September 1, 2016 at 10:18AM
Banking Spectrum in Electronic Banking, What's New

The Preauthorized Electronc Transfer chapter of The Gold Book has been updated to include information pertaining to the reclamation of federal benefits.

Reclamation is a procedure used by the Federal government (government) to recover benefitpayments made through the Automated Clearing House (ACH) to the account of a recipient who died or became legally incapacitated or a beneficiary who died before the date of the payment(s).

Article originally appeared on Banking Spectrum (https://www.bankingspectrum.com/).
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