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.

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EBizCharge

OCTOBER 17, 2023

This article will explore the processes involved in ACH payments, explaining how to distinguish returns vs. reversals and answering common questions such as what is an ACH return and can you reverse an ACH payment? When an error occurs, the transaction is often resolved through one of two methods: ACH reversal or ACH return.

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Stax

JUNE 27, 2024

ODFI submits ACH file – The originator’s bank or payment processor, also known as the originating depository financial institution (ODFI) submits the ACH entry containing the payment details. The most common types of direct deposits via ACH transfer include employee salary payments, government benefits, and tax returns.

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Payment Savvy

NOVEMBER 10, 2022

There’s the ODFI, which stands for Originating Depository Financial Institution, and there’s the RDFI, which stands for Receiving Depository Financial Institution. To put it simply, the ODFIs are the financial institutions that send the transaction, while RDFIs are the institutions that receive it.

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Stax

APRIL 23, 2024

ACH transactions provide a quick and easy way to pay employees, submit and retrieve tax returns, and automatically control your finances within 1-2 business days. Most small business owners and employers are turning to ACH payments instead paper check payments because of the ease and instant access the ACH network provides.

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Nanonets

MARCH 21, 2023

Each transfer is sent as a message within a batch of outgoing requests by the bank making the request (known as the originating depository financial institution, or ODFI). Day 1, 10:00 PM: The processor works in conjunction with your bank (the ODFI) to submit a file to the ACH network. Errors can also interfere at times.

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EBizCharge

JULY 16, 2024

Return and correction procedures Following NACHA standards, financial institutions and other network participants must adhere to precise returns and error correction procedures to ensure seamless payments and regulatory compliance within the ACH network. How often are NACHA rules updated? How often are NACHA rules updated?

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