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Wait until you see what happens with ACH reversals on weekends
So many small business owners I talk to don't realize that ACH reversals can still hit their account 3 business days after the original transfer. I lost $1,200 last month when a customer reversed a payment on a Saturday and my bank took until Wednesday to tell me. Has anyone else dealt with this timing issue with their bank?
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nancyj112d ago
Got hit with a $600 reversal on a Sunday last fall and my bank didn't even send a notification... just let the balance go negative and hit me with the fee.
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thomas_torres7d ago
Had a buddy who runs a landscaping company. He got hit with a $900 ACH reversal on a Sunday morning. His bank didn't flag it until Tuesday afternoon. By then he'd already paid his crew with that money. His account went negative. Had to cover an overdraft fee on top of losing the payment. Took him three weeks to get the cash flow sorted out. Really messes up your week when you're not watching.
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tessa_murray5d ago
...and of course the same bank that charges me $35 for breathing wrong charged me a $12 fee to tell me I had no money. I feel like I'm playing a video game where the bank is the final boss and I keep losing. Lost $800 on a Sunday reversal last month and my bank's fraud alert came in the form of a letter three weeks later. At least the stamp was pretty.
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