Because the deposit was already directed into the "incorrect" bank account, we will have to wait for it to be processed by your bank as a failed deposit. Once it fails, the funds will bounce back to us -- this usually takes 3-5 business days. Once we receive this bounced deposit, you will receive an email notifying you of the occurrence, and prompting you to update your bank account in Wave for that particular payout.
Typically when you send an invoice, all of the data from your payout account (bank routing number/account number) is attached to that invoice. So if you update your banking payout info after having sent out the invoice, the previous bank account's information will still be attached to the invoice you sent.
Note: You will only receive the above email for a failed deposit if the account is closed. If it is still an active bank account, the funds will need to be moved manually through your bank
Charde
Member Posts: 1
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Hey there @Charde !
Because the deposit was already directed into the "incorrect" bank account, we will have to wait for it to be processed by your bank as a failed deposit. Once it fails, the funds will bounce back to us -- this usually takes 3-5 business days. Once we receive this bounced deposit, you will receive an email notifying you of the occurrence, and prompting you to update your bank account in Wave for that particular payout.
Typically when you send an invoice, all of the data from your payout account (bank routing number/account number) is attached to that invoice. So if you update your banking payout info after having sent out the invoice, the previous bank account's information will still be attached to the invoice you sent.
Note: You will only receive the above email for a failed deposit if the account is closed. If it is still an active bank account, the funds will need to be moved manually through your bank
@JulianP Wow this is horrible for business to take this long to resolve an issue like this. 3 to 5 days...!