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NACHA Approves Company Name Identification Rule
Rule will improve ACH Network quality by reducing unrecognized transactions

Herndon, Virginia, February 11, 2008 - The voting membership of NACHA—The Electronic
Payments Association has approved the Company Name Identification Rule, an amendment to
the NACHA Operating Rules that will enable consumers to more readily identify companies and
other parties that are the sources of ACH transactions.

Specifically, this rule will require a company to identify itself within the ACH transaction by the
name that is known and readily recognized by the consumer.

The Rule also provides guidance on company identification requirements for specific types of
ACH transactions, and in cases in which the originator of the transaction is not the ultimate
payee or payor.

The Rule will take effect June 20, 2008.

“The Company Name Identification Rule is a component of NACHA’s comprehensive risk
management strategy for the ACH Network,” said Roy DeCicco, managing director, JPMorgan
Chase, and chairman of NACHA’s Risk Management Advisory Group. “The Rule will improve
ACH Network quality by reducing the number of ACH payments that are unrecognized by
consumers and that require investigation and exception handling by their financial institutions.”

NACHA’s most recent research indicates that problems with the identification of companies in
ACH transactions happen infrequently. Consumers who do not recognize transactions, however,
are more likely to contact their financial institutions, which increases customer service costs.

NACHA - The Electronic Payments Association
NACHA—The Electronic Payments Association represents more than 11,000 member financial
institutions, a network of regional payments associations, and 585 organizations through its
industry councils. NACHA manages the development, administration, and governance of the
Automated Clearing House (ACH) Network—an efficient, reliable, and secure payments system
that facilitates commerce electronically. NACHA serves its members by promulgating the
NACHA Operating Rules, managing the ACH Network, promoting the value of ACH payments,
and offering tools and resources to facilitate the adoption of ACH payments. To learn more, visit
nacha.org and electronicpayments.org.