EFT Stop Payment/Deletion, Reversal, Reclaim Processing
If an agency realizes that an erroneous entry has been submitted, OST will make every effort to reverse or stop the file or entry.
There are a couple of methods of retrieving EFT/ACH items after they have been submitted to OST for processing. These methods are the Stop Payment/Delete, the Reclaim and the Reversal process.
EFT Stop Payment/Deletes are initiated for items that have been processed, but have an effective date of at least three (3) or more days prior to the items effective date. These items will be returned to the State on the effective date of the item.
Reversals are initiated for items that do not fall into the Stop Payment/Delete time frame. A reversal is a debit transaction that is initiated and follows the credit item to the receiving account. Reversal items are at risk of being returned to the State. Agencies must notify the receiving party that the Reversal item has been initiated against their account.
Reclaims are initiated because the receiver or the beneficiary is deceased. Reclamations can be initiated for pension, annuity, payroll or other benefit payments.
Reversal of Erroneous File
If the Agency realizes that an erroneous file has been submitted OST must be contacted immediately. A reversal file for all the records that were submitted can be created at the agency’s request. All reversal file items are at risk of being returned. There is a $325 charge for the creation of a reversal file.