3/18/2024 0 Comments Ach credits vs debitsWhen the settlement date arrives, the funds will be received by Unit, and appear on the end customer's account. This typically happens with direct deposits (wage payments). Some received ACH credits have a completion date that is set in the future - this means that Unit is told by the ACH network that the funds will arrive at a certain date in the future. When a received ACH is successfully processed, a transaction.created event is fired immediately, with transaction type: ReceivedAchTransaction, and the funds are deposited into (or taken from) the end-customer's account. Note that unlike originated ACH payments which are subjected to internal limits, received ACH payments are only subjected to limits imposed by the originating financial institution. Unit processes those files immediately, and each received payment is either successfully processed, returned, or pending. Unit may receive ACH files from the network multiple times during the day and posts them as soon as it does. Bob's bank, the ODFI, warrants the payment, and can ask Bob for proof of authorization at any time. Bob is responsible for obtaining and maintaining evidence of Alice's approval to be debited - this is typically done by Micro deposits, or by Alice authenticating against her bank account using providers like Plaid. Bob must know Alice's account details, and must obtain Alice's permission to debit her account.
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