Payment Savvy

FEBRUARY 23, 2023

Some of the most common ACH return codes are caused by incorrectly entered information or insufficient funds available, while others can be more complicated and include issues with authorization and more. What Are ACH returns? An ACH return means that the ACH failed to charge money from a customer’s account.

ACH 52

ACH Returns RDFI ODFI 52

Stax

JUNE 27, 2024

How ACH payments work ACH payments occur between two or more financial institutions in the network, exchanging money between them when needed. To initiate an ACH transfer, the originating bank account sends ACH instructions requesting the funds, which are transferred into the receiving account.

Wire Transfer 88

Wire Transfer Wires Wire ACH 88

Payment Savvy

NOVEMBER 10, 2022

When it comes to an ACH transaction, there are two main participants. There’s the ODFI, which stands for Originating Depository Financial Institution, and there’s the RDFI, which stands for Receiving Depository Financial Institution. All this is happening at the point of purchase and the check is returned to the customer.

SEC Codes 52

SEC Codes ACH ODFI Wire Transfer 52