What is bank transaction code 23?
ACH return code R23 indicates explicitly that the transaction has been returned due to “entry not authorized by the receiver.”, meaning that the account holder or the financial institution has not given permission for the debit to be processed, and therefore the transaction has been returned.
ACH Return Code R23, also known as "Credit Entry Refused by Receiver," is a standardized code used in Automated Clearing House (ACH) transactions. This code indicates that the account holder or RDFI has refused to accept a credit entry transaction.
Transaction codes represent the various bank transactions that you will use in the Accounts Payable and Accounts Receivable applications. You can define transaction codes for types of payments, such as checks or bills of exchange, or for bank services, such as deposits or service charges.
Following is a list of the numeric ACH transaction codes most commonly found on daily ACH reports: 22. Checking Deposit (Credit) 32. Share Deposit (Credit)
R23 – Credit Entry Refused by Receiver: The receiver has returned the Entry, i.e., because the minimum amount hasn't been remitted.
ACH codes are widely used in banking procedures. An ACH code stands for Automated Clearing House Code. It is a network used for electronic money transfers and electronic payments. ACH is a method of clearing credit and debit payments, and is quite popular in the US.
The acronym ACH stands for Automated Clearing House , and like ABA routing numbers, ACH routing numbers are nine-digit numbers unique to their respective financial institutions. Unlike ABA routing numbers, ACH routing numbers are used for electronic transactions between financial institutions.
The three main types of bank transactions are deposits, withdrawals, and transfers. Deposits put money into an account, withdrawals take money out, and transfers move money between accounts.
| Transaction Code | Description |
|---|---|
| GSD | Gov Stamp Duty |
| IBP | Inter Branch Payment |
| ICP | Inward Currency Payment |
| INT | Interest |
A purpose code is a code issued by a country's central bank that is required for successful cross-border transactions. The code is assigned to each transaction involving foreign currency and states the purpose for which the transaction is being made.
What is bank transaction code 21?
21. Automated Return or notification of charge for original transaction. 22. Automated Deposit.
The customer's card issuer has declined the transaction as it does not allow transactions originating through mail /telephone, fax, email or Internet orders.
MoneySend is the Mastercard transaction type (Transaction Code 28) designed for real-time money transfers by issuers connected to the Mastercard network.
The customer's card issuer could not be contacted during the transaction. The customer should check the card information and try processing the transaction again.
One such code is R13, which signifies a non-valid ACH routing number, meaning that the transaction has not been completed and the funds are not secured. The cause of the invalid routing number can either be a simple typing error or the incorrect routing number being provided.
The customer's card issuer has declined the transaction as this credit card cannot be used for this type of transaction. The customer should use an alternate credit card, or contact their bank.
The formal definition of the R24 return code is that the Receiving Depository Financial Institution (RDFI) has received what appears to be a duplicate entry. This means that the trace number, date, dollar amount, and/or other identifying data match another transaction.
The Transaction Code describes the type of the payment and the type of Receiving account. If an entry contains an incorrect Transaction Code, the RDFI can send either an NOC or a Return Entry which could describe the error and may provide the correct Transaction Code.
R03 / No account, unable to locate account: This means that the account number or routing number you entered does not match the customer name, or that this is not an existing account. This may be due to a simple typo or miscommunication with the customer.
- Searching online for “ACH routing number” and your bank's name.
- Logging in to your online banking platform.
- Looking in your checkbook (it's typically located next to your account number)
How can I check bank transaction details?
Visit your bank's Net Banking portal or log in to the mobile banking app. Select the “e-bank statement” or “e-passbook” option from the menu.
Types of bank transactions include cash withdrawals or deposits, checks, online payments, debit card charges, wire transfers and loan payments.
Internet banking: Log in to your account and navigate to the transaction history or status section. Search or track transactions using the reference number. Mobile banking app: Open the app and find the section related to transactions or history. Use the reference number to check the NEFT transaction status.
You can often identify this code by its starting character, as either the letter “T” or “P” stands before a string of numbers. For example, a transaction ID number may look like this: T1234-5678-9012-3456.
Also known as the "invalid transaction" code, a credit card error code 12 is given when the issuing bank does not accept a transaction.
