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Reg CC trumps developer perspective. Bank can revert ACH in case of a book keeping error (there was no ACH). It can revert ACH in case of a fraud (someone at
by notyourday 9y ago
Reg CC trumps developer perspective.
Bank can revert ACH in case of a book keeping error (there was no ACH).
It can revert ACH in case of a fraud (someone at the bank committed fraud). ACH was not originated by the customer.
It can revert ACH in if it gets a court order.
It cannot revert ACH because Sally did "oops".
Source: SVP of compliance of a very large bank sitting next to me.
- jsjohnst 9y agoThe person sitting next to you is over simplifying things then. There are far more reasons that an ACH can be reverted. > It cannot revert ACH because Sally did "oops". Quite a few of the defined ACH return codes[0] seem to be loosely in the “oops” you said wasn’t possible. [0] https://gusto.com/ach_return_codes https://gusto.com/ach_return_codes
- notyourday 9y agoThat would be possible as a) first response b) bank-to-bank journaling based on the bank to bank agreement. But dont look at me - just try doing it and see how successful you would be.
- jsjohnst 9y agoI’ve issued stop payments on ACH transactions multiple times with success, so yes, it’s definitely possible to cause an ACH return.
- notyourday 9y agoHave you noticed that by doing that you have indemnified your bank?
- jsjohnst 9y agoSure, but that doesn’t change my point. What about closed accounts, invalid account numbers, or NSF? All three of those cause ACH rejects/reverts without any indemnity, yet weren’t in your list.
- notyourday 9y agoThose show up nearly immediately.