Nacha implemented a rule related to reversals in June 2021 that covers improper reversals and their return for an allowable return reason, expands permissible reversal reasons to cover a “wrong date” error, and specifies reversals formatting.  According to the Nacha reversals rule, a wrong date error permitting reversals covers: “1) the reversal of a debit Entry that was for a date earlier than intended by the Originator, or 2) a credit Entry that was for a date later than intended by the Originator.” “The Rule establishes formatting requirements for reversals, beyond the current standardized use of the Company Entry Description field (“REVERSAL”): • The Company ID, SEC Code, and Amount fields of the reversal must be identical to the original entry • The contents of other fields may be modified only to the extent necessary to facilitate proper processing of the reversal • This is the same approach as the formatting requirements for Reinitiated Entries In addition, the rules explicitly permit an RDFI to return an improper Reversal: • R11 for consumer accounts, 60-day return timeframe upon receiving a consumer claim • R17 for non-consumer accounts, 2-day return timeframe • An RDFI will be permitted to use R17 to return an improper Reversal that it identifies on its own (i.e., not based on a customer contact), 2-day return timeframe”