What are the possibilities of fraud or other problems in the ACH network?
In over 30 years, there have been very few instances of fraud in this system. Any occurrence has been quickly resolved. The system is very safe – banks use it every day to transfer billions of dollars. ACH-based electronic payments are protected under Federal Regulation E, which gives consumers 60 days from the date their account statement was postmarked to dispute an ACH transaction that has posted to their account.
In close to 40 years, there have been very few instances of fraud in this system. Any occurrence has been quickly resolved. The system is very safe – banks use it every day to transfer billions of dollars. ACH-based electronic payments are protected under Federal Regulation E, which gives consumers 60 days from the date their account statement was postmarked to dispute an ACH transaction that has posted to their account.
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