I scheduled a $250 dollar transfer from bank A to bank B. When I look at my transfer activities on bank A's website. I show that the transfer processed on June 4th. However, the amount was never deducted from the balance on the account at bank A. My account at bank B also does not reflect any incoming transfer amount for $250 dollars.
I called bank A and asked why the transfer says it was processed, but the account balance does not reflect it, nor does bank B show the transfer at all. The rep explained to me that they initiated the transfer, but that bank B never "reached in" to pull out the $250 dollars. This concept was new to me. I figured that when I schedule a transfer from A to B through A's website, A would "push" the money into the receiving account rather than granting permission to the receiving account to reach into account A to withdraw the authorized amount.
Is what the rep explained to me accurate? Is that how ACH transfers work? I asked him if he could just cancel the permission to bank B to withdraw the $250 as at this point I would not know whether they decide at some point in the future to "make use" of the permission and withdraw that money at some random date. The rep said no, that I would have to contact bank B and tell them to cancel the transfer. That makes absolutely no sense to me since I initiated the transfer through bank A, not bank B.
I feel like if I were to call bank B and ask them to cancel a transfer that I initiated at a different bank they are going to think I am a complete idiot.
Thanks in advance.