The presented Same Day ACH infographic showcases Same Day ACH related important facts, phases of implementation, projected transaction volume, benefits, Same Day ACH fraud and its solutions. It also outlines the strategies for mitigating fraud risk with Quatrro’s fraud prevention solutions. Quatrro's transaction monitoring with an added layer of human intelligence support will provide financial institutions a quick, simple and secure way to deal with the fraud challenges with efficient fraud prevention services.
Click to know more: http://quatrroprocessing.com/same-day-ACH-fraud-prevention.php
Behavioral Analytics for Preventing Fraud Today and TomorrowGuardian Analytics
This presentation introduces Guardian Analytics Omni-Channel Fraud Prevention solution as the only solution to meet the new requirements of fraud prevention.
Need for Speed – The Reality of Real-Time Payments in the U.S. Nasreen Quibria
NEACH’s 2016 Payments Management Conference
Email, text messages, app alerts – in this digital age of connected devices and instant communication the expectation for near immediate access is now permeating banking services. To address the growing appetite, faster payment initiatives are emerging across the globe from banks and fintech providers. This presentation will explore the landscape of real-time payments initiatives. Learn about some of the “hot topic” developments, including blockchain technology, and what the growing trend in faster payments means for U.S. financial institutions.
Find out why B2B companies are making the move from paper checks to electronic payments. And in the process, they are dramatically reducing transaction costs and earning rebates at the same time.
The presented Same Day ACH infographic showcases Same Day ACH related important facts, phases of implementation, projected transaction volume, benefits, Same Day ACH fraud and its solutions. It also outlines the strategies for mitigating fraud risk with Quatrro’s fraud prevention solutions. Quatrro's transaction monitoring with an added layer of human intelligence support will provide financial institutions a quick, simple and secure way to deal with the fraud challenges with efficient fraud prevention services.
Click to know more: http://quatrroprocessing.com/same-day-ACH-fraud-prevention.php
Behavioral Analytics for Preventing Fraud Today and TomorrowGuardian Analytics
This presentation introduces Guardian Analytics Omni-Channel Fraud Prevention solution as the only solution to meet the new requirements of fraud prevention.
Need for Speed – The Reality of Real-Time Payments in the U.S. Nasreen Quibria
NEACH’s 2016 Payments Management Conference
Email, text messages, app alerts – in this digital age of connected devices and instant communication the expectation for near immediate access is now permeating banking services. To address the growing appetite, faster payment initiatives are emerging across the globe from banks and fintech providers. This presentation will explore the landscape of real-time payments initiatives. Learn about some of the “hot topic” developments, including blockchain technology, and what the growing trend in faster payments means for U.S. financial institutions.
Find out why B2B companies are making the move from paper checks to electronic payments. And in the process, they are dramatically reducing transaction costs and earning rebates at the same time.
ACH Processing and Reconciliation GuideDiamond Mind
The following guide provides a primer on how Automated Clearing House (ACH) payments, deposits, rejections, and withdrawals are processed and reconciled. Based on the variables described in this guide, the average processing and reconciliation timeline can fluctuate. This guide is designed to improve your understanding of the process.
Same Day ACH Allows Payments to Move FasterLexisNexis
For the millions of Americans who receive electronic payments directly into their bank accounts, a new system is about to go into place that will allow those payments to be made faster than ever. For banking executives and the legal counsel who advise them, the stakes are very high for successful compliance with this new system.
how to succeed in creating a marketing and client development plan - tips for lawyers. Learn about measurable goals, accountability, and the power of committing to your plan by putting it in writing.
On October 14, presenters Christine Coers-Mitchell and Johnston Mitchell of Coers Mitchell Law LLC presented Bankruptcy for the Non-Bankruptcy Lawyer. Topics included decoding “bankruptcy talk,” what to do if a bankruptcy filing occurs during litigation, how to settle a bankruptcy claim, how to handle divorce-related bankruptcy issues, strategies for creating “bankruptcy proof” agreements and transfers, and bankruptcy issues involving real property.
Are Oregon arbitrators required to eFile arbitration awards and judgments? Let me answer that question with another question: were you conventionally filing awards and judgments prior to the implementation of mandatory eCourt? If your response is yes, then odds are you must eFile. Let’s step through the analysis with this caveat: please verify the necessity of eFiling with the OJD help desk [see endnote] or your friendly local court clerk.
eService in Oregon can be frustrating or impossible if the other side isn’t playing by the rules or doesn’t understand them. Below is a primer on how eService is supposed to work and the problems practitioners are encountering.
ACH Processing and Reconciliation GuideDiamond Mind
The following guide provides a primer on how Automated Clearing House (ACH) payments, deposits, rejections, and withdrawals are processed and reconciled. Based on the variables described in this guide, the average processing and reconciliation timeline can fluctuate. This guide is designed to improve your understanding of the process.
Same Day ACH Allows Payments to Move FasterLexisNexis
For the millions of Americans who receive electronic payments directly into their bank accounts, a new system is about to go into place that will allow those payments to be made faster than ever. For banking executives and the legal counsel who advise them, the stakes are very high for successful compliance with this new system.
how to succeed in creating a marketing and client development plan - tips for lawyers. Learn about measurable goals, accountability, and the power of committing to your plan by putting it in writing.
On October 14, presenters Christine Coers-Mitchell and Johnston Mitchell of Coers Mitchell Law LLC presented Bankruptcy for the Non-Bankruptcy Lawyer. Topics included decoding “bankruptcy talk,” what to do if a bankruptcy filing occurs during litigation, how to settle a bankruptcy claim, how to handle divorce-related bankruptcy issues, strategies for creating “bankruptcy proof” agreements and transfers, and bankruptcy issues involving real property.
Are Oregon arbitrators required to eFile arbitration awards and judgments? Let me answer that question with another question: were you conventionally filing awards and judgments prior to the implementation of mandatory eCourt? If your response is yes, then odds are you must eFile. Let’s step through the analysis with this caveat: please verify the necessity of eFiling with the OJD help desk [see endnote] or your friendly local court clerk.
eService in Oregon can be frustrating or impossible if the other side isn’t playing by the rules or doesn’t understand them. Below is a primer on how eService is supposed to work and the problems practitioners are encountering.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
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The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
A "File Trademark" is a legal term referring to the registration of a unique symbol, logo, or name used to identify and distinguish products or services. This process provides legal protection, granting exclusive rights to the trademark owner, and helps prevent unauthorized use by competitors.
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Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
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Get insights into DNA testing and its application in civil and criminal matters. Find out how it contributes to fair and accurate legal proceedings. For more information: https://www.patronslegal.com/criminal-litigation.html
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All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
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The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
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Charge simply means 'accusation'.
A charge is a formal recognition of concrete accusations by a magistrate or a court based upon a complaint or information against the accused.
A charge is drawn up by a court only when the court is satisfied by the prima facie evidence against the accused.
The basic idea behind a charge is to make the accused understand what exactly he is accused of so that he can defend himself.
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Ethics primer revisited: sending and receiving ach payments
1. Ethics Primer Revisited: Sending and Receiving
ACH Payments
Posted on10/10/2016
ACH payments – electronic payments made from one account to another through the Automated
Clearing House (ACH) Network – are popular among law firms. Why is ACH so appealing?
First, ACH payments are received more quickly and reliably.Consider the typical paper transaction:
Law firm generates a bill and mails it to client. Clientreceives the bill,writes a check, and places it
in the mail to the firm. When the paper check arrives in the mail, staff must open, process, and
deposit the payment, then wait for funds to be collected.With electronic ACH payments, many or
all of these steps are eliminated.
Second, ACH payments support law firm sustainability efforts since fewer resources are consumed
in electronic processing versus traditional checks (paper, ink, fuel for transportation,
etc.) Additionally,clients like the convenience and cost savings – no more printing paper checks
and getting them into the mail on time.
Do ACH Payments Pose Ethical Concerns?
ACH payments are simply a means to an end (i.e.,a differentvehicle for the funds) and, as such, are
ethically neutral. The biggest trap liesin forgetting that all the usual trust accounting rules still
apply. For example:
A large institutional client sends funds to its law firm via ACH payments. Law firm accounting staff
may or may not know the funds are coming. The institutional client has multiple open matters with
the firm. It can be difficultto discern to which matter the payment should be applied,as the client
frequently “rounds up.” Whether the funds are fullyearned or not, the client habitually directs the
ACH payments to the law firm’s general operating account.
This scenario raises a number of issues – some practical, some ethical:
Lack of Communication May Cause Mishandling of Funds
Law firm accounting staff are sometimes the last to know funds are coming. This is not a good
thing. Lawyers must communicate to the accounting department promptly and in writing regarding
expected delivery and disposition of client funds. Leaving staff in the dark creates nothing but
headaches.
The most persuasive argument may be that the individual lawyer, not the firm or accounting
department, is ethically accountable for proper handling of the client’smoney. If the ACH payment
is not processed correctly, bar discipline will look to the responsible lawyer for answers, not the
accounts receivable clerk. If law firm management treats this responsibilityseriously, individual
lawyers are more likelyto comply.
Applying Payments When the Client has Multiple Open Matters
The clientwith multiple open matters is challenging, no matter how payment is received.Ideally,
the client would clearly indicate how to apply its payment. But if not, the responsible lawyer should
confer with the client immediatelyand confirm the client’s directions in writing.
2. What Should I Do When the Client Rounds Up or Overpays?
To answer this, we must return to trust accounting fundamentals: If the client overpays its bill,the
portion representing the overpayment belongs to the client, not to the firm. When funds belong in
whole or part to a client,they must be depositedinto the lawyer trust account. Consider this
example: clientremits an ACH payment in the amount of $10,100 toward a billingwith an
outstanding balance of $10,024. The payment should be receivedin the lawyer trust account. The
firm can then pay itself $10,024 – the amount owed – and seek direction from the client about how
to refund or apply the overpayment of $76 presentlybeing held in trust.
Remember: there is no amount of money too small to be deposited
in the lawyer trust account if it belongs to the client.
When funds belong in part to the firm and in part to the client – always the case in an
overpayment scenario – they must be handled in the same manner as settlement
proceeds. Deposit or receive the funds into trust, wait for them to clear (if applicable), pay the firm,
then obtain client consent to process the overpayment.
WIP Isn’t an Excuse to Take Money that Belongs to the Client
Proper dispositionof clientfunds is not affected by work-in-progress (WIP). Even if the
overpayment would be earned in the next billingcycle. Fees are not earned until the work is
done and the client is billed. Keepingclient money on the premise that the work is “done” even
though the client has not been invoiced is unethical and deprivesthe clientof its right to dispute
the firm’s fee. [For more on this topic, see the postscript below.]
Redirecting the Client Who Remits ACH Payments to the Wrong Account
What about the client who habitually directs ACH payments to the firm’s general operating account,
whether the fees are earned or not?
The key here is the word “habitually.” In the case of a one-time event, it is understandable that a
firm may need to transfer funds out of the general operating account and into trust to correct a
client’s mistaken payment. However, if a client is repeatedly transferring trust account funds into
the law firm’s general operating account, the lawyer and firm are responsible for redirecting the
client and working out a better payment scheme.
If a client persists despite the firm’s best efforts, it may be easier to change the fee arrangement or
billingprocedure so payments receivedare always earned. [Author’s note: earned upon receipt
billingarrangements and/or modification of existingfee arrangements raise additional ethical issues
and should be approached cautiously. Consider the postscript discussion below.]
Processing Refunds of Litigation Costs When ACH is Involved
Consider this scenario:
A law firm remits litigation costs to a court reporting firm via ACH payment on a client’s behalf. The
ACH payment is sent from the law firm general operating account into the account designated by
the court reporting firm. As the result of an accounting adjustment by the court reporting firm, a
portion of the law firm’s payment is later refunded by the court reporter.
To whom does the refund belong?
3. Let’s go back to fundamentals. To answer this, we have to know the details surrounding the firm’s
payment and client billing.Two outcomes are possible:
If the firm advanced the court reporter’s fee from the general operating account as a
litigation cost and the client had not yet reimbursed the firm when the refund was received,
the refund belongs to the firm. Deposit the refund in the law firm general operating account
and adjust the client’s billingstatement accordingly.
If the firm billed the clientand was reimbursed for the original amount charged by the court
reporter, the refund belongs to the client. Deposit the refund in the lawyer trust account and
process it in the same manner as an overpayment from the client.
Avoid problems by talking to your vendors proactively about refunds or other accounting
adjustments. Ask vendors to contact you before issuing a check or initiating an ACH credit –
especiallythose with whom you incur client costs. If the vendor coordinates with accounting staff
before the refund is processed, the law firm can ensure that the client is credited (if necessary) and
funds are received into the proper account.
ACH Processing Time Getting Faster
95% of financial institutions are expected to enable same-day processing of credittransactions this
year under Phase 1 of a new rule adopted by the Electronic Payments Association®, the trustee and
rule maker of the ACH Network. Faster processing of debittransactions will come in 2017. Why
should law firms care?
Faster processing is good news for everyone who uses ACH because it allows for same-day
correction of mistakes. A common example would be an employer who pays employeesusing ACH
for direct deposit. With the faster processing, the employer can correct a payroll mistake the same
day to ensure employeesare paid on time. See “Bank Transactions, Including Payroll, Will Soon Be
Faster.”
All Rights Reserved 2016 Beverly Michaelis
Postscript
Crafting a Workaround to Keep Client Overpayments Based on WIP
Can a law firm craft a fee agreement “workaround” to this issue – one that permits the firm to keep
client funds if there is sufficientpending, unbilledWIP?
Oregon ethics opinions lean toward allowingall sorts of payment terms so long as they are covered
in a written fee agreement: 18% annual interest, keeping attorney fee awards, and collecting your
fee up front in a structured settlement payout. At this stage, the client can walk away if he/she
doesn’t like the deal.
But wouldn’t such a workaround unethically defeat the client’s right to dispute the bill?As a default
proposition, fees are not earned until the client has been billed.
Here’s my best guess: if you wish to attempt this be prepared to comply with Oregon RPC 1.15, RPC
1.5, and Ethics Opinion 151:
For purposes of this opinion, the term fixed-fee agreement includes any fee agreement in which the
lawyer’s charge for specified services is a fixed dollar amount, regardless of when the lawyer is paid
4. or how much work the lawyer must do and regardless of the name applied by the lawyer to the
agreement—e.g., “flat fee,” “nonrefundable retainer,” “prepaid legal fee,” etc.
The opinion makes clear that the ethical requirements appliedto fixedfee agreements
(discussed here) apply to:
Any fee agreement
Regardless of when the lawyer is paid
Regardless of how much work the lawyer must do
Regardless of the name given by the lawyer to the agreement
The only wiggle room here is that we don’t know the “fixed dollar amount” up front. In the
WIP scenario it would be the difference betweenthe amount billedby the firm and the client’s
rounded-up payment.
Hmmm. Is that enough of a distinction to ignore Opinion 151, RPC 1.15, and RPC 1.15? Perhaps the
safest answer is: just don’t do it.
All Rights Reserved 2016 Beverly Michaelis