5 ms·
What if an overseas bank just claims they didn't receive your transfer when they did? Others have covered the overseas part, but for the bank claims they didn'
by kevin_nisbet 4y ago
What if an overseas bank just claims they didn't receive your transfer when they did?
Others have covered the overseas part, but for the bank claims they didn't receive you're transfer part, I would expect that to show up on the settlement process. If there is a disagreement between banks, when they later check how much each bank owes each other, there should be a discrepancy the banks need to work out.
Note: not an expert in how ACH works or how settlement is done.
- kreig 4y agoUsually there's a 3 day window for the money to settle, if the bank claims that it did not receive the transaction on this time window, they will "deny" the failed transaction and send to the originator a "return"[1] which contains the type and explanation of why did it failed, and the money won't be transferred to the receiver. If it surpass the 3 day window a "late return" will be sent to notify the origination that the transaction failed, however, the money may already have been transferred to the receiver. [1]: https://www.moderntreasury.com/learn/ach-return-code-reference https://www.moderntreasury.com/learn/ach-return-code-referen...