A payout was returned by your bank
Why your bank sent a payout back, where the money is, and how to get it re-sent.
When your bank can't accept a payout, it sends the money back. This page covers how you'll find out, what the bank's reason means, and how to get the money re-sent. The payout's status changes to Failed, and a red banner appears at the top of My Chapter → Payouts: A payout was returned by your bank (or 2 payouts were returned by your bank, and so on).
Your money isn't lost. As the banner says: The money is held safely and will be re-sent once a valid account is on file. Our payment processor holds it until the bank account is fixed and MyGreek support sends it again.
How you'll find out
- The banner on the Payouts tab shows the total that couldn't be deposited and the reason from your bank. Hover over a Failed status to see the reason for that payout.
- An email to every chapter admin with the subject Action required: your MyGreek payout of $… could not be deposited. It shows the Reason from your bank and has an Update payout account button. If several payouts are waiting, it says how many and their total.
- A push notification in the mobile app. The mobile app has no payouts screen, so open My Chapter → Payouts in the web app to see the details.
These alerts go to every admin and can't be turned off. If several payouts bounce on the same day, you get one alert with the running total. The email and notification call the settings area Chapter Settings; in the app it's My Chapter.
If the returned payout belongs to a separate merchant, such as a housing corporation, the email and notification name that merchant and point to its payout account instead of the chapter's.
Why this happens
The reason from your bank usually starts with a code. The most common ones mean the account on file is wrong or closed:
| Code | What it usually means |
|---|---|
| R02 | The account is closed. |
| R03 | The bank can't find the account. |
| R04 | The account number is invalid. |
| R13 | The routing number is invalid. |
| R20 | The account can't receive this kind of deposit. |
These usually mean the account was closed, or the account or routing number was entered wrong. A common cause is copying numbers from an old checkbook for an account that has since been closed.
For any other reason, check that the payout account is open and can receive ACH deposits. If you think it's correct, reply to the email or contact support@mygreek.us.
Fix it
- Check the routing and account number with your bank. A recent bank statement is the safest source.
- Update the payout account in My Chapter → Payouts → Payout Account → Change. You'll need a verification document. See Change your payout bank account.
- Email support@mygreek.us to have the returned payouts re-sent.
Only chapter admins can change the payout account. If you're not an admin, ask one to do steps 1 and 2, then contact support.
If the returned payout belongs to a separate merchant (for example, a housing corporation), that merchant's managers update its account in My Chapter → Merchants instead. See Payout accounts for other merchants.
What happens next
After the new account is approved, MyGreek support re-sends the held payouts. When they're deposited, the payouts show as Completed, and chapter admins get an email, MyGreek Payout Deposited, and a notification: "Good news — your re-sent payout of $… has been deposited. Any other re-sent payouts are arriving with it." (Admins who turned off Payout Updates don't get this one.) The banner on the Payouts tab goes away once no payouts are Failed.
Updating the account doesn't re-send the money by itself. Email support@mygreek.us after you change it.
Common questions
Is the money lost?
No. Our payment processor holds it until it's re-sent to a valid account.
I updated the account. Why hasn't the money come back?
Two things have to happen: the new account has to be approved (check the Payout Account card), and MyGreek support has to re-send the payouts. Email support@mygreek.us if you haven't yet.
Still stuck?
Email support@mygreek.us or use the in-app chat. Include your chapter name and the payout number (shown as Payout # in the payout details).