+Is there a deadline that I must meet to ensure my transactions process efficiently?
Yes, in order to ensure items post in a timely manner to reach the receivers account for posting, we should receive ACH Credit files (for Direct Deposit) at least two business days in advance of the effective (deposit or payroll) date. All ACH transactions submitted prior to 7:00 p.m. Eastern time will be processed at First Citizens the same day for the delivery to your customer’s bank. Transactions submitted after 7:00 p.m. Eastern time will be processed at First Citizens for delivery to your customer’s bank the next business day. If you send your Direct Deposit transaction the same day the payment is due (effective), your employees will not have access to their funds on time.
+How will I know if an ACH transaction that our corporation initiates is returned to us?
The ACH Return Resolution report information is available and accessible through the Business Online Banking Advantage® (BOB Advantage®) website by clicking on the "Reporting" section. The Return Resolution report is a critical part of being able to process our Direct Deposits. On a daily basis, these reports will detail any transaction that was returned to you and you have not received your credit. It will also show any account information that has changed or is no longer valid. To access the report: Select either the Standard or Custom ACH Report option located under Bank Reporting on the Account Management Reports page. Your Return Resolution and Notification of Change Reports are accessible for 14 calendar days.
+What information is contained on an ACH Return Resolution Report?
The ACH Return Resolution Report details significant information about your transactions. The most important information includes, but is not limited to, why the transaction was returned (Return Reason), account number, name, individual ID, and dollar amount associated with the transaction.
+What if I submit a transaction in error?
Your company may submit a reversing ACH transaction. The reversing transaction may only occur if the error is due to an invalid/incorrect dollar amount. An ACH reversal must be submitted within five days of the settlement date of the original erroneous transaction. Reversals are not guaranteed.
+How do I submit a reversing transaction?
You can submit an ACH transaction reversal using BOB Advantage. An ACH reversal must be submitted within five days of the settlement date of the original erroneous transaction. To access the ACH reversal function, locate the erroneous transaction in the completed section on the ACH Summary page. Click the 'View' link for the transaction. Detailed information for the selected transaction is displayed. A Reverse button will also display. To submit a reversal, click the Reverse button. If you need additional assistance, click the 'Inquire' link for the transaction. Enter your question and click the Send button. A customer service representative will respond to your inquiry within one business day. If you are sending files via DES FTP transmission, simply send the reverse entry in a NACHA format.
+What happens if I submit a transaction on a business day, but the effective date (Due Date) falls on a weekend or holiday?
The bank will move the effective date to the next business day following the weekend or holiday. It is important that you consider weekends and holidays when determining your effective date so as not to cause your transactions to post later than you desire. Example: If your effective date is typically the 1st of the month for payroll transactions, and the 1st of the month falls on a Saturday, you will likely want to change the effective date to the 30th or 31st of the previous month. Then submit the transactions a day or two sooner, accordingly. In this example, failing to consider that the 1st falls on a Saturday would result in the effective date being moved forward to the next business day, the 3rd.
+How do I stay informed of changes that may affect processing my ACH file?
As part of your ACH Agreement with First Citizens, you are required to stay abreast of industry changes. We recommend you become a member of your local ACH Regional Association (East Pay on the east coast) or reference www.nacha.org1
for ACH rules changes. Often when changes occur that significantly affect your ability to originate your ACH file (payroll, taxes etc.), a notice will be posted on our BOB Advantage website.
Normal bank approval applies.