If a transfer reversal were to occur, there is a $30 reversal fee that goes along with it. The fee will be debited to your iFlip account. If a transfer reversal occurs two times from the same account, then that account will be de-activated to prevent additional fees. This is why it is important to know how to avoid an ACH bank transfer reversal.
Reversals may happen for a few reasons:
- You bank account has insufficient funds to cover the amount you are attempting to transfer to your iFlip account.
- The account that you're trying to transfer from doesn't support ACH transfers
- Duplicate Transaction
To avoid reversal fees we recommend taking the following precautionary measures before submitting your ACH request:
- Confirm that you will have the necessary funds available in your bank account 1-2 business days following your transfer request into your iFlip account.
- Confirm that your bank account supports ACH transfers, and all the information you entered when you linked your account is accurate.
- Try to avoid making any transfer from your savings account since there is often a limited number of transactions that you can make per month from a savings account.
Should one of your transfers happen to be reversed you will be contacted via email, your funds will be put back in your bank, and the $30.00 reversal fee will be imposed.
If you have any further questions about reversals, we encourage you to contact your bank directly. iFlip Financial Services and it's clearing broker (Velox Clearing), do not initiate the reversal requests.