What is an ACH Return on my account?
What is an ACH Return?
Anytime you transfer funds from your bank account onto the River platform, you are completing an ACH transaction. This could take the form of a BTC buy directly from your bank account, a USD deposit from your bank account, a mining hosting payment, or a number of other transaction types.
An ACH Return occurs when an ACH transaction fails. This means that your River account has been credited with BTC or USD, while River never received the payment from your bank account. An ACH Return may result in temporary restrictions to your River account until we reconcile your outstanding balance.
What causes ACH Returns?
An ACH Return can be caused for a number of reasons. Outlined below are the most common reasons for ACH Returns:
Insufficient funds in your bank account
If there are insufficient funds in your bank account to complete a particular transaction, that transaction will fail.
A temporary hold placed on your bank account by your bank
Occasionally, a bank will see a transaction to a new third party and inadvertently flag the transaction as high risk, thus halting the payment.
Problems linking your bank account to the River platform
Occasionally, there will be an issue linking a bank account with the River platform. Additionally, sometimes banks will change the formatting of their account or routing numbers unbeknownst to their clients.
Other
There are a variety of reasons an ACH transaction may fail. If you receive notice of an ACH Return, it never hurts to contact your bank to diagnose the problem and relieve any temporary holds that may have been placed on your bank account.
How can I avoid an ACH Return?
Keep your bank account sufficiently funded for the transaction volume that you are initiating with River. There is a delay of 1-3 business days between when you initiate a new transaction with River and when you will see the funds leave your bank account. If you have several bills or other charges hit your bank account during that time, it may result in insufficient funds remaining in your bank account to complete your transaction with River.
If you receive notice of an ACH Return, it is always a good idea to reach out to your bank to ensure that your bank has not placed any holds on your bank account. Occasionally, a bank will see a transaction to a new third party and inadvertently flag the transaction as high risk, thus halting the payment.
How can I reconcile an ACH Return?
Go to river.com, and select the bank account that you would like us to re-attempt your failed transaction from. Upon logging into your account, you will see a red banner at the top of the screen inviting you to reconcile your return.
What effect does an ACH Return have on my River account?
While you have an outstanding balance as a result of an ACH Return, there may be restrictions put on your River account. If your outstanding balance goes without reconciliation for too long, this can result in additional restrictions, including account closure. We encourage quick action when addressing all outstanding ACH Returns to ensure no adverse effects on your River account. Once reconciled, any temporary restrictions placed on your account will be lifted, and you can continue transacting on the River platform without issue.