1

Refund amount is already in bank account and has been cleared and posted for a few days, but I'm surprised by the amount; is it possible for the company that issued the refund to go back and change the amount or even take back the entire refund, after it has been cleared and posted to the bank account?

  • How was the money deposited into your account? Direct deposit? If so, do you still have the form you signed to authorize the direct deposit? What does the fine print say on that form? – dg99 Jan 22 '15 at 17:38
  • It went back on like a return for a store: it shows as "Debit purchase return - Visa" and the name of the company – satchael Jan 22 '15 at 17:50
  • So this was a debit card purchase that was then refunded? – dg99 Jan 22 '15 at 18:19
  • Yes, that is correct – satchael Jan 22 '15 at 18:21
4

I have experienced reversals when a company made a mistake. They didn't have the ability to change the amount, but did have the ability to pull the money back, then make a new deposit. It has also happened when they accidentally made a double deposit.

I tried to get the guidelines regarding reversals, but they were behind a paywall. I was able to find some documents related to a payroll processor that quoted from the guidelines:

NACHA rule 2.9.1 Reversing Entries is as follows:

“An originator may initiate a Reversing Entry to correct an Erroneous Entry previously initiated to a Receiver’s account. The Reversing Entry must be Transmitted to the ACH Operator in such time as to be transmitted or made available to the RDFI within 5 Banking Days following the Settlement Date of the Erroneous Entry. An Erroneous Entry is defined as an Entry that:

  • (a) is a duplicate of an Entry previously initiated by the Originator or ODFI;
  • (b) orders payment to or from a Receiver different than the Receiver intended to be credited or debited by the Originator;
  • (c) orders payment in a dollar amount different than the Receiver intended to be credited or debited; or
  • (d) is a credit PPD Entry satisfying each of the following criteria:
    • (i) the credit PPD Entry is for funds related to a Receiver’s employment;
    • (ii) the value of the credit PPD Entry is fully included in the amount of a Check delivered to the same Receiver at or prior to the Receiver’s separation of employment; and
    • (iii) the credit PPD Entry was Transmitted by the Originator prior to the delivery of the Check to the Receiver.”

For further information, please refer to www.NACHA.org. Any reversal requests believed to be outside of NACHA rules and regulations will not be completed.

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