Good news – we have modified our ACH funds hold policy. Although we can’t do away with someone’s right to claw back funds for 60 days, even if they were to sign something agreeing to waive that right (it turns out that’s a federal reserve reg that a bank cannot alter and cannot be waived even by agreement), we have been able to get some wiggle room based upon the risk of that happening.
Effective immediately we are loosening up our policy. It’s now a 10 day hold on funds – same as check deposits – and then holding back as a reserve the lesser of 6% of funds recv’d or outstanding ACH clears. The Issuer is, of course, still ultimately responsible for any recalls, even if we’ve forwarded funds.
This is now online and in the ACH Doc’s, so you are ready to go!
Does this mean there are any changes to the API calls? No, there are no changes to the calls themselves. The areas where you can see the differences are:
1. Investment Payments will reflect a new “available_at” that’s shorter than 60 days (the previous amount).
2. Offerings will have “ach_deposit_amount” and “ach_deposit_release_at” as attributes.