RDFI and Social Security - Payments Space

ACH Reversals vs. ACH Returns: What’s the Difference?

EBizCharge

OCTOBER 17, 2023

government to send payments such as tax refunds, Social Security benefits, and other government assistance programs. When this happens, the Receiving Depository Financial Institution (RDFI) automatically initiates a return of the funds to the Originating Depository Financial Institution (ODFI). What is an ACH return?

ACH

ACH Returns RDFI ODFI

What is an ACH Deposit and How Does It Work?

Stax

APRIL 23, 2024

Step 3: Complete the payment request The ODFI or ACH network will send a request from the business’ checking account to the individual’s account, also known as the RDFI, or Receiving Depository Financial institution. Step 4: Payment processing Once the RDFI approves the fund’s amount, the direct payment will be processed.

ACH

ACH Direct Deposit ACH Network Wire Transfer

Payments Space

ACH Reversals vs. ACH Returns: What’s the Difference?

What is an ACH Deposit and How Does It Work?

Webinars

Stay Connected