Situations where we encounter bank transfer reversals and how to avoid them.
Transfer reversals can and do at times happen. We at Cult Wines want to ensure that this doesn't happen to you.
An Account Clearing House (ACH) reversal happens when a scheduled transfer gets cancelled. The main reasons for reversals to occur are:-
- Insufficient Funds
- Wrong Type of Account (doesn’t support ACH transactions)
- Duplicate Transaction
- Declined Transfer
To prevent reversals, we recommend taking the following steps before initiating transfers:
- Verify that you have sufficient funds available for 1-2 business days following your transfer request to allow for any potential delays in the clearing system.
- Confirm with your bank that your account is compatible with standard outgoing ACH transfers, and that you’ve entered in the correct information when setting up the transaction.
We recommend avoiding making transfers from savings accounts due to potential limitations on transactions per month.