The R62 return code can be returned on consumer and non-consumer accounts. An ACH R62 return code indicates that a return entry contains an incorrect trace number, preventing it from being properly matched to the original ACH transaction.
This return code is used to return an improper return entry rather than the original ACH transaction. It is not restricted to a particular SEC code or account type. The Receiving Depository Financial Institution (RDFI) or Originating Depository Financial Institution (ODFI), as applicable, must transmit an R62 return within 2 banking days of settlement.
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What is an ACH Return Code?
An ACH return code is a standardized code used to explain why an Automated Clearing House (ACH) transaction was returned by the receiving bank.
Codes are issued by the Receiving Depository Financial Institution (RDFI) and maintained by Nacha, the organization that governs the ACH Network. Certain codes may apply to consumer accounts, non-consumer (business) accounts, or both. These codes help banks, payment processors, and originators understand what went wrong during an ACH transaction so they can determine the appropriate next steps, such as retrying the payment, correcting information, or contacting the customer.
Why you're seeing ACH Return Code R62
Code R62 means a bank rejected (dishonored) a return related to an erroneous or reversing debit. A reversal is an ACH entry sent by the originator to undo a previous transaction that was sent in error (for example, the wrong amount or a duplicate debit). This return may have occurred because:
- A reversal was sent incorrectly. The reversal did not meet Nacha rules, such as being sent too late or attempting to reverse a transaction that was not eligible.
- The reversal did not properly fix the original mistake. Instead of canceling out the original debit, it resulted in an unintended credit or imbalance.
- The funds could not be recovered. The receiving bank determined the reversal could not be completed because the funds were no longer available or the account could not be debited.
Sending ACH Payments with Slash
You can send domestic or international ACH payments using Slash by following these steps:
- Navigate to the Payments dashboard and click Transfer Funds in the top-right corner.
- Select a recipient using saved contact and banking information, or add a new recipient by entering their contact and bank details.
- Choose the Slash account you want to use as the payment source, select ACH Transfer as the payment method, choose the destination bank account, and enter the payment amount (in USD).
- Optionally, send the recipient an email confirmation with a payment description. You can also add a memo with internal notes that are visible only to you and other Slash account administrators.
- Review the recipient's bank name, account number, and ACH routing number to ensure the payment details are correct.
- Once all information is confirmed, click Send Payment.
Slash offers 24/7 support by phone and email to help resolve any issues with sending payments. You can also improve how you manage ACH transfers by scheduling recurring ACH payments, receiving low-balance notifications, and tracking returned payments alongside other transactions. With Slash, you can view all account balances, ACH activity, and transfers in one centralized dashboard.
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