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Manager Platform Guide - What happens when I have an ACH error?
Manager Platform Guide - What happens when I have an ACH error?

There are several reasons why an ACH transaction may fail, but you can resolve them and retry

Joni Reeves avatar
Written by Joni Reeves
Updated over a week ago

Sending and receiving payments through ACH eliminates manual steps from the investment process, making it even more efficient. When you set up ACH, understand that:

  • The maximum amount for ACH direct deposits is $250,000.00

  • ACH currently supports U.S. Bank Accounts only

  • U.S. law and KYC/AML compliance requires verification of all users who are funding through electronic transactions - that includes you and your investors - which can take up to three business days

  • ACH transactions generally take 3-5 business days to complete

As with any banking transaction, there can be errors resulting from invalid account numbers, insufficient funds, or a myriad of other reasons. For some errors, the funding source - the bank account - will need to be corrected. The table below is a list of the most common errors reported by our banking partner, Dwolla.

The return code - a three-character code starting with an R - will be included in the error message. When you look up that return code in the table and there is a Yes in the Funding Source Removed column, you or your investor will need to update the bank details and reinitiate the payment before the transaction can complete successfully.

Once the bank account issue is resolved, you can select the failed or canceled payment and click on Make ACH payment to try again.

This will take the payment back through the ACH process.

You may also choose to change the method of payment to check or wire and process the payment outside of ACH.

Once the payment is changed to a manual payment method, you can mark it as paid when the check is issued.

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