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ACH Reversals are a type of transaction that allows you to cancel or reverse an ACH payment.
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ACH Reversals are a type of transaction that allows you to cancel or reverse an ACH payment. This can be useful if you made a mistake when sending a payment, or if the recipient never received the funds. There are a few different types of ACH Reversal transactions, each with their own rules and regulations. Here is a brief overview of the most common types of ACH Reversals: What are ACH Reversal Rules & How Does it Work?
1. NOC (Notification of Change) This type of ACH Reversal is typically used when there is an error with the original transaction, such as an incorrect account number or routing number. The NOC must be initiated within 60 days of the original transaction. 2. Return A return is typically used when the recipient never received the funds from the original transaction. The return must be initiated within 60 days of the original transaction.
3. Correction This type of ACH Reversal is used to correct an error in the original transaction, such as an incorrect amount. The correction must be initiated within 180 days of the original transaction. 4. Reversal A reversal is used to cancel an ACH payment that has already been processed. The reversal must be initiated within 5 business days of the original transaction.
Each type of ACH Reversal has its own set of rules and regulations. Be sure to consult with your financial institution before initiating a transaction. ACH Reversals can be a useful tool if you need to cancel or reverse an ACH payment. However, it is important to understand the rules and regulations surrounding these transactions before initiating one. Consult with your financial institution to ensure that you are following the proper procedures.
