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#625964 - 10/17/06 10:48 PM ACH holds?
LSmith Offline
Platinum Poster
LSmith
Joined: Dec 2002
Posts: 703
Is there anyway to hold an ACH deposit? We have a customer that received a $41,000 Bankcard Advance ACH and then wrote two large checks. Our concern is that the customer could close the account and since we have five days that an ACH credit could be reversed, we would be stuck. Is there anything we can do to protect the bank against such risk?

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Deposits and Payments
#625965 - 10/18/06 12:47 PM Re: ACH holds?
HappyGilmore Offline
10K Club
Joined: Jun 2004
Posts: 19,844
Pulling people out of the ditc...
ACH payments can't just be reversed for any reason, only for duplicate payments. Also, they can send a request, but if the funds are not in the account you are not required to honor the return. Your bank is not at risk unless you fail to follow the NACHA rules correctly. However, in all cases, if the funds are not available you would return the debit entry within the correct timeline. Failure to do so is when you put yourself at risk.
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#625966 - 10/18/06 01:42 PM Re: ACH holds?
LSmith Offline
Platinum Poster
LSmith
Joined: Dec 2002
Posts: 703
Thanks that was what I was looking for.

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