Skip to content

Use ACH Credit/Incoming Wire if Memo Posted?

Answered by: 

Can a customer use an ACH credit or incoming wire that has been memo posted to his account? By memo post, I mean it shows as a pending transaction.

From an operational perspective, the answer depends on the capabilities of your processing system. From a legal perspective, NACHA rules require that you make most such payments available to your depositor once you have received settlement for the transaction and the data necessary to post it. That typically means the funds must be available at the opening of business on the Settlement Date of the credit entry.

Wire transfers for credit to a beneficiary's account are typically made available for withdrawal once the covering funds have been unprovisionally received by the beneficiary's bank and the bank has the payment instructions and advised the beneficiary of the receipt of the funds.

First published on 4/1/13

First published on 04/01/2013

Filed under: 
Filed under operations as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics