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Rejected ACH Items ACH/EFT items can be rejected for a number of reasons. If the MICR information (routing number or account number) is entered incorrectly for an item, then that item will be returned. Another common problem arises when dealing with credit union accounts. The MICR information printed on checks drawn on a credit union may result in a rejected item when entered as it appears on the check. In addition, bank mergers and acquisitions cause data to change over time. Our software "massages" the MICR information keep up with bank consolidation, credit union accounts, etc. This results in significantly fewer rejected items for you. Of course, the major reason for returned items is that there are non-sufficient funds (NSF) in the account that the EFT originates from. We offer you great flexibility in dealing with these returns, and you can even profit from NSFs. Our software allows you to resubmit NSF items immediately, after a certain number of days has elapsed, or on certain days of the month such as the 1st or 15th. This is all done automatically for you. In addition, the system can be set to resubmit items manually, allowing you to check for funds availability or contact your customer before making another attempt to collect. If you choose to, you may charge your customer a fee in any amount up to your state maximum. If you prefer to have us handle the collection of NSF items, we can do that as well. The cost is $15.00 per collected item, and you may charge your customer nothing or any amount up to your state maximum. You keep the difference! |
