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Finding Lost ACH Deposit
I had an ACH deposit sent to my bank from an online business. However I think I entered my account number incorrectly because I have not received the deposit. The bank that issued the deposit gave me trace numbers, but my bank is telling me that they can't use them because they belong to the issuing bank. How can I go about getting the two banks on the same page so I can find out what happened to the deposit? |
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 Your bank can only work with the information it has. In this case, it is not even known if the transaction was routed to the correct bank.
Start by getting the bank's routing and account number information that was actually used in the ACH entry (your bank is correct in saying the trace numbers aren't going to be helpful). Compare the bank routing number with the routing number actually assigned to your bank. If there's a difference, at least you'll know your bank isn't "blowing smoke," and that the entry went to the wrong bank.
If the bank routing information is correct, give your bank the account number that was on the entry. That will help the bank track the entry down. Your bank is not obliged to check the name that's associated with every ACH entry, and, when an account number is for an existing account, it can post based strictly on account number in the entry. If the number is not valid in your bank, the bank should have either looked up your account number based on the name field and credited your account, or sent the item back to the originating bank with an "no account found" code, but your bank should have a record of what happened.
Published on BankingQuestions.com 1/23/08
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