There’s no way to stop the fund transfer after a direct deposit is sent to your employee’s financial institution. To know more you can call on Quickbooks phone number.
But if you meet the following criteria you may be able to reverse the direct deposit:
• If the typical check date is less than 5 days past the settlement date of the transaction you wish to reverse.
• The reason for performing this reversal is in compliance with ACH or EFT laws. Reasons can be duplicate payments, unintended or erroneous payment and/or the amount paid was significantly different than what you owed to the person receiving the payment.
• The total amount(s) that is to be reversed has to be more than $50.
• Only the full amount of the direct deposit can be reversed and partial amounts can’t be reversed.
• Make sure that the direct deposit is not for a current employee.
Please Note: You must notify the recipients of the payment when you submit the request that that it will be reversed.
We recommend you to have an updated, signed Direct Deposit Authorization form on file from all your currently working employees before you process a reversal.
Follow these steps to request a direct deposit reversal
• Open the Direct Deposit Reversal Form.
• Select New Request.
• Fill out the required information and the transaction which you want to get reversed and then select Save. You’ll receive an email confirmation regarding the submission of the request.
• Your request for accuracy will be reviewed by us and we will make sure that all reversal transactions abide by applicable rules. You’ll receive an email notifying you that the request has been rejected if any transaction is inaccurate or does not abide by the rules along with a list of transactions that are to be fixed. We’ll review the request again once you save the changes. Our technical support executive may contact you to assist you in more complex situations.
• You’ll receive an email informing you of when the request will be processed and next step once the request is accepted.
• You need to review all emails sent to you for your request(s) carefully.
• There is no guarantee that the funds will be recovered.
• Whether the funds are recovered or notyou’ll be charged a direct deposit reversal fee ($75 per payroll.
• The reversal can be disputed for up to 60 days by the employees. The right to debit your company account for the disputed transactions is in our hand if the employee disputes the reversal and the funds are already credited.
• Your bank account will be credited when the funds have been reversed from the employee’s account( usually for 10 days)if the reversal is successful and there is no current balance due on your payroll account.
To know more on how to reverse a direct deposit in Quickbooks call on Quickbooks phone number 1-800-593-0163. Also, you can write us at email@example.com. Feel free to reach us anytime; our team of executives is 24/7 available at your service. For more information visit, www.quickbookpayrollsupports.com.