![]() Solid must receive the request to file the reversal within 24 hours.Įxample: In the case of 1a: ACH Credit Originated by Copycraft (to pay Wholesale Paper), if Wholesale Paper's Bank Account at Chase was credited twice with the same dollar amount, then an attempt to reverse the transaction can be filed by the Copycraft's Bank (the ODFI).ģ. Duplicate Transaction : If a duplicate of the same dollar amount was credited to or debited from another bank account, then an attempt to reverse the transaction can be filed by the ODFI, with the RDFI. ![]() Solid must receive the request to file the return within 24 hours.Įxample: In the case of 1a: ACH Credit Originated by Copycraft (to pay Wholesale Paper), if Wholesale Paper's Bank Account at Chase was credited with an incorrect dollar amount, then an attempt to reverse the transaction can be filed by the Copycraft's Bank (the ODFI).Ģ. Incorrect Amount : If an incorrect dollar amount was credited to or debited from another bank account, then an attempt to reverse the transaction can be filed by the ODFI, with the RDFI. Incorrect Account : If the bank account at the RDFI is either invalid, closed, or does not exist, an automatic ACH Return is filed by the RDFI with the ODFI.Įxample: In the case of 2b: ACH Debit Received by Copycraft (to pay TG&E), if Copycraft's Bank Account is closed, an automatic ACH Return is filed by the RDFI, with the ODFI, in this case, TG&E's Bank, Citi.įiled by the ODFI, in the following scenarios:ġ. Solid must receive the request to file the return within 24 hours.Įxample: In the case of 2b: ACH Debit Received by Copycraft (to pay TG&E), if Copycraft's account holder did not authorize TG&E to ACH Debit its account, then an ACH Return is filed by the RDFI, with the ODFI, in this case, TG&E's Bank, Citi.ģ. Unauthorized Transaction : If the account holder at the RDFI requests a return to the payment due to an unauthorized ACH Debit transaction, an ACH Return is filed by the RDFI, with the ODFI. Not Sufficient Funds (NSF) : If the bank account at the RDFI does not have sufficient funds to cover the debited amount, an automatic ACH Return is filed by the RDFI, with the ODFI.Įxample: In the case of 2b: ACH Debit Received by Copycraft (to pay TG&E), if Copycraft's Bank Account does not have does not have sufficient funds to cover the debited amount, an automatic ACH Return is filed by the RDFI, with the ODFI, in this case, TG&E's Bank, Citi.Ģ. Once you've got that down, let's dive into the different scenarios surrounding ACH Returns and Reversals.įiled by the RDFI, in the following scenarios:ġ. To get a better understanding of ACH Returns and Reversals, start by reading the Types of ACH Transactions. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |