ACH Reversal

The ACH The ACH is a network of regional associations, inter-bank associations, and private-sector processors. ACH payments are processed and settled electronically, thereby increasing reliability, efficiency and cost effectiveness. ACH payments are generally settled in one day or greater. Reversal function lets you submit a request to cancel out a previously-submitted ACH transaction An ACH transaction is an entry within the NACHA file that indicates how the participant The participant is the individual or organization that will be affected by the ACH transaction (payee or draftee). An ACH transaction may debit or credit a participant's account, e.g., a payroll deposit or a payment for services rendered. The participant information is referenced by the ACH transaction.'s account should be affected. The transaction includes a reference to the participant, how the account is affected, and the amount.. You cannot directly nullify a transaction into the ACH system, so what this function actually does is to generate an e-mail message to the financial institution a bank, thrift, or credit union.

To access the ACH Reversal feature:

·         Select the ACH option on the Funds Transfer menu and then click ACH Reversal. The ACH Reversal screen appears.

To help prevent fraudulent or inadvertent usage, all of the fields are required.

You must provide complete information about the original ACH transaction. Most of the fields are self-explanatory, but a few warrant special mention:

·         Processor Name is the name of your financial institution (the organization that processes all of your ACH submittals).

·         Receiving Depository financial institution is the name of the ACH recipient’s financial institution.

·         Route Num is the routing (ABA) number of the ACH recipient’s financial institution.

Fill out all of the fields and click the Submit button to send the request to your financial institution.