BANK001 - Why was my bank transfer returned?

Why Was My Bank Transfer Returned?

If your funds have been returned after a bank transfer, it is usually due to incorrect bank details. Below are common reasons and steps to resolve the issue. Please make sure the bank details entered match the details 

on the bank account. If they do not match, the transfer could be returned. 

Common Reasons for Returned Transfers

1. Incorrect Bank Details

   Ensure that your bank details are entered accurately. Even a small typo in the account number or bank code can cause the transfer to fail and be returned. Here’s what you can do:

   • Log in to your account and double-check the bank details you provided.

   • Make sure the entered details match exactly with those on your bank account.

   • The name on the bank account must match the name you entered. If they do not align, the transfer could be rejected and returned.

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USA-Specific Issues

If you see an error indicating the routing (ABA) number is incorrect, but it matches the one on your checkbook, consider the following:

• Wire Transfers vs. ACH Transfers: Banks often use a different routing number (ABA) for wire transfers than the one used for ACH transfers. Double-check which type of transfer you initiated and confirm the corresponding routing number:

  • Contact your bank for clarification.

  • Use online resources to verify the routing numbers for your bank.

Why Did It Take So Long for the Funds to Be Returned?

Banks process ACH and wire transfers through a clearing system. Here is how the process works:

• If incorrect details are entered, the transfer will still be sent but may be rejected by the receiving bank after 

• Once rejected, it can take the banks an additional 1 to 10+ business days to return the funds. Unfortunately, these timeframes are beyond our control.

• Once the funds are returned, they will be credited back to your wallet.

How to Correct Bank Details

To avoid future issues, ensure your bank details are accurate before initiating another transfer:

1. Log in to your account.

2. Navigate to the Banks section in the left-hand menu and select Linked Banks.

3. Use the ellipsis menu to delete the incorrect bank details.

4. Re-add your bank, carefully checking for typos or mismatches.

By following these steps, you can prevent delays and ensure successful transfers.