61
votes
Why is my bank unable to track a direct transfer I made to another (fraudulent) account?
The other bank knows, but is protecting their customer's privacy
Th fact that a routing number was needed says it is a completely different bank. Your bank is not privy to customer data at other ...
33
votes
Why is my bank unable to track a direct transfer I made to another (fraudulent) account?
If you have a routing number, you can almost always do a Google search and figure out what bank the money went to. Routing numbers are public information. You won't be able to determine who owns the ...
- 26.5k
32
votes
Accepted
Why are wire transfers not reversible by the bank?
The definition of transaction.
ACH are considered check payments, and are treated as such. Checks are validated and paid once presented, which may be days after being deposited. As such, these ...
- 166k
23
votes
Accepted
Scheduling bill payments exactly on pay day - dangerous risk of overdraft?
I got to work on overdraft class action suits with many of the largest banks in the US. Every bank we analyzed data for batch processed transactions at the end of the night, and posted credits first, ...
- 69.1k
9
votes
Why are wire transfers not reversible by the bank?
There is no technical reason. The reason is that banks and bank customers want an instrument where a payment is irrevocable, as close to 100 percent as possible. If I get $1,000 through wire transfer ...
- 22.4k
8
votes
Scheduling bill payments exactly on pay day - dangerous risk of overdraft?
Even if your bank posts credits first, if they post debits by largest first, think about what that can do to you. Let's say your rent payment at the end of the day overdrafts your account by $100. And ...
- 226
6
votes
ACH credit from unknown source
OK, I just called BoA; apparently the payment was a refund from an office space company called Regus, where I had an office in my company's name before. It seems this was refund of my security deposit....
- 171
6
votes
Scheduling bill payments exactly on pay day - dangerous risk of overdraft?
Before pay day there is close to $0 in my checking account, as most of it is transferred to savings
Right, so you could maintain a days buffer since you're clearly debt free, as indicated by your ...
- 61
6
votes
Why do we need ACH?
Note that the following answer covers all types of ACH and the full gamut of clearing not just the US ACH. remember that ACHs exist for commodities, shares, bonds, derivatives etc. as well as plain ...
- 8,801
6
votes
Accepted
Is it possible to block previously authorized ACH access?
I had a similar situation a while ago, and here's what I learned:
What are our options here to ensure that this company can't retry to take our money again via ACH?
Close existing account and ...
- 166k
6
votes
Accepted
Are ACH transfers between individuals possible?
Yes, many banks offer such a service. Often such payments can be made through their "bill pay" interface. You log in to your account on the bank's website, enter the recipient's routing and account ...
- 6,971
5
votes
Accepted
Initiated transfer from bank A to B. Stuck in limbo? How do ACH transfers work exactly?
ACH - the Automated Clearinghouse - is essentially an electronic network that was originally designed to provide a fully digital alternative to the process of clearing paper checks. As such, the ...
- 17k
5
votes
Accepted
Where do I submit an ACH file in my application code?
You, presumably an individual and not a bank, financial institution, or business that needs to process payments, will not have direct access to the ACH (Automated Clearing House) network of the ...
- 3,468
5
votes
Why a relatively low limit for ACH transfers?
First off, ACH transfers can go from any person's account to any other person's account (well, within the US). So there is no guarantee that transfers are only going between accounts controlled by ...
- 26.5k
4
votes
Where to request ACH Direct DEBIT of funds from MY OWN personal bank account?
Call Wells Fargo or go to a branch. Tell them what you're trying to accomplish, not the vehicle you think you should use to get there. Don't tell them you want to ACH DEBIT from YOUR ACCOUNT of YOUR ...
- 48.9k
4
votes
If a bank has a transfer limit, what happens if another bank pushes/pulls more than that?
The transaction is denied by B.
If bank B has a transfer limit set, you bet that there is a nice reason for that. Either risk of fraud, liability, client preferences, profiling, credit scoring, etc, ...
- 1,527
4
votes
Alternatives to checks for rental payments. Bank account transfer
My bank recently began to implement a service known as Zelle. If the sender of the money has a bank on the Zelle client list, it can be used to transfer funds at no cost to other parties, based on an ...
- 874
4
votes
Accepted
ACH Direct Debit Blocking (fraud protection, security)
Business accounts
Positive Pay
Several banks offer a service called "Positive Pay" for business accounts, which basically offers the ability to create a list of checks you have issued and a ...
- 156
4
votes
Accepted
Why is a failed ACH payment more likely to trigger an NSF fee than a failed Visa/MasterCard debit payment?
"probably less likely" - citation needed. To the best of my knowledge, overdraft fees are levied when you go into the negative, no matter how. That said, debit transactions require pre-...
- 166k
4
votes
Transferring money: effective person-to-person transfer mechanisms: ACH, Fednow,wire, something else?
For what it's worth: in my experience the US is still stuck in the financial stone age and paper checks are indeed the best option to move around large sums of money domestically.
Every time I had to ...
- 7,615
3
votes
Scheduling bill payments exactly on pay day - dangerous risk of overdraft?
I usually schedule my automatic payments a week before the due date so if something goes wrong, there's a week to recover. By the same logic, I would prefer that the deposit be in the account for at ...
- 21k
3
votes
Accepted
Will direct debit end automatically when loan is paid
The direct debit is an authority to withdraw money from your account. Depending on how it was set up it may limit how much may be withdrawn, how often and for how long. I haven't seen a direct debit ...
- 7,556
3
votes
Is there a bank account that allows ACH deposits but not ACH withdrawals?
Yes, kinda.
Talk to local banks about a business account, and tell them you want to enable certain employees to make deposits but not withdrawals. They don't need to know you're all the same ...
3
votes
Scheduling bill payments exactly on pay day - dangerous risk of overdraft?
You'd have to check the terms of your account, but every checking account I've ever had reconciles at the end of each day, meaning so long as your deposit comes in the same day to cover the shortfall ...
- 130k
3
votes
Accepted
ACH vs Mailed Checks in the context of Overpayment
Unfortunately there is no universal answer to this question. Each mortgage servicing company will handle it differently according to their own policies. The best way to handle this problem is to talk ...
- 32.7k
3
votes
Accepted
ACH processing time of day
It depends on the bank and network. Banks are to provide outgoing data at the certain time for the processing by the central clearing house (the Federal Reserve system, for ACH), which then ...
- 166k
3
votes
ACH Transfer limits
Assuming that the $500 is a monthly limit, yes I would say that is a low number. Even if it were a daily limit, I would still say it is low.
Most financial institutions have a daily and monthly ACH ...
- 333
3
votes
Can I Report The Recipient of an ACH Transfer?
DO report scams to authorities. Both your bank and the police... let them contact the other bank.
DO NOT try to take vigilante action such as starting a new transaction to take money from the other ...
- 6,788
3
votes
Late estimated quarterly payment because state failed to act on ACH authorization
If you filed your forms by the deadline, and provided them an instrument for paying what was due; then you are fine.
In the days when you sent in these forms by mail, the only requirement was that it ...
- 136k
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