An ACH reversal happens when a scheduled transfer gets canceled. Reversals may happen for a few reasons:
Insufficient Funds
Wrong Type of Account (doesn’t support ACH transactions)
Duplicate Transaction
Declined Transfer
To prevent reversals, we recommend taking the following steps before initiating transfers to Otis:
Verify that you have sufficient funds available for 1-2 business days following your transfer request in the app because the request might be delayed reaching your bank.
Confirm that your bank account is compatible with standard outgoing ACH transfers, and that you’ve entered in the correct information when you linked the account.
Refrain from making transfers from a savings account because it might be limited to 6 transactions per month (including any small amounts we transferred to link the account manually).
If your transfer into Otis is reversed, we’ll send you a notification email. In some cases, we’ll unlink your bank account after multiple reversals.
If you have any questions about a reversal, we suggest speaking with your bank. We don’t initiate reversals.