Effective today, we've lowered the cost of 2 bank rejections that can occur with some Credit Union institutions. For organizations that utilize the Horizon Payment Center, we've lowered the cost from $15 down to $5 for any bank rejections with the following rejection return reasons from the banking institution:
- R03 – No account/Unable to locate account
- R04 – Invalid account number
This bank rejection most commonly occurs with Credit Union institutions. We've found that some Credit Unions are rejecting transactions on verified bank accounts, even though the Credit Union successfully verified the account via Instant Verification. We've lowered the cost on this situation to help ease the burden of these rejections.
Additionally, any users utilizing a Credit Union as their bank account will be required to perform Micro-Deposit Verification and will not be permitted to use the Instant Verification method. Although this issue is only occurring on a few select Credit Union institutions, we're now requiring Micro-Deposit Verification on ALL Credit Unions to help avoid rejection fees to Senders. We recommend any users with credit unions re-verify their bank accounts via Micro-Deposit Verification to ensure their bank doesn't reject an incoming transaction and result in a rejection fee ($5) being assessed to the Sender.