Processing $0 Bank Returns
Processing $0 Bank Returns
Before Applying This Guidance
This $0 Bank Returns / NOC guidance only applies when the CINC Bank Returns screen explicitly shows $0.00 for the transaction. If money wase debited from the account, then this is not a $0 Bank Return or Notification of Change.
Overview
Any $0 returns on the Banking > Bank Returns screen are Notifications of Corrections (NOC), not actual returns. Do not void these payments as the homeowner’s bank corrected the payment to allow it to process this time. The payment did process. If you are using universal navigation, click Accounting > Daily > Bank Returns.
The $0 return indicates that the homeowner’s bank identified the correct routing or account number and corrected the transaction, but it is a courtesy correction and is not guaranteed to be corrected in the future. These notifications are placed on the Bank Returns screen to alert you to correct this information before a future payment is submitted.
The banking Nacha Rules require you to make the change(s) specified in the NOC within six (6) banking days of receipt of the notice OR prior to originating the next ACH item. Failure to make these changes is a violation of Nacha Rules.
NOTE: Repeat violations of Nacha Rules may result in termination of your ACH origination service. For this reason, we highly recommend that you handle these immediately.
Common Correction Reason Codes
The following section outlines the most common reason codes and their meaning:
C01: Incorrect DFI / Bank Account Number. This means that the homeowner’s bank account number was incorrect on this transaction.
C02: Incorrect transit / routing number. This means that the homeowner’s bank routing number was incorrect on this transaction.
C03: Incorrect transit/routing number AND bank account number. This means that both the homeowner’s bank routing number and bank account number were incorrect on this transaction.
C05: Incorrect transaction code. This means that the homeowner’s bank account was marked incorrectly as a checking or savings account when it was the other.
C06: Incorrect bank account number and transaction code.
C07: Incorrect routing, account number and transaction code.
Addressing $0 Bank Return
Select Homeowners > Homeowners. If you are using universal navigation, click Residents > Residents > Resident List.
Search for and select the homeowner.
Click the Transactions tab at the bottom of the Primary Homeowner Information screen.
On the Transaction History screen, choose Charge Grouping in the View field and click Refresh.
Review the homeowner’s Transaction History screen to determine the type of payment that was made. The routing number and/or account number provided on the Banking > Bank Returns screen are the corrected numbers and should be used in future payments. Correct the information based on the type of batch: If you are using universal navigation, click Accounting > Daily > Bank Returns.
ACH Payment: Update the homeowner's ACH account information on the Primary Homeowner Information screen, which can be accessed by clicking the Information tab at the bottom of the screen.
Online Payment: The incorrect information was submitted through the Admin Portal.
Select Administration > Payment History/ View Payment History in the Admin Portal to determine if it was a one-time or recurring payment and to see who submitted the payment. If you are using universal navigation, click Accounting > Resident Payments > Payment History.
The Emulate field on the Payment History Details screen will show you who submitted the payment. If the field displays "Registered User," the homeowner submitted the payment. If it was a management company user, the user’s name displays.
If the return came from a recurring payment, delete the recurring payment and notify the homeowner that they need to set up a new recurring payment with the corrected bank routing/account/type of account information.
If the return came from a one-time payment, notify the homeowner that the banking information they entered is incorrect and they need to enter the correct information on future payments.