When a payout is returned or cancelled

Sometimes a payout shows as Paid and the receiving bank sends it back days later, most often because the account number is wrong. This can happen to a payout to a provider or to a withdrawal to your own bank account. When that happens, EdWallet emails you, the payout's timeline shows Rejected ("Returned by the bank"), and the money comes back to your EdWallet balance. This article explains what to do next.

This applies to payouts to providers and withdrawals to your own bank account, from the standalone EdWallet and from the Wallet inside Edvisor.

How you'll know

By email. Every user with access to your agency's EdWallet account gets one email, "Your payout was returned by the bank". The email is in English. It shows:

• Why: the reason the bank gave, for example "The account number isn't valid at this bank", with the bank's return code.

• Your money: the amount being returned to your EdWallet balance.

• What to do: the steps below.

• Payout details: the provider, the account holder, the last 4 digits of the account, the amount, the date sent, the reference and the payout ID.

Click Open the payout in EdWallet to go straight to the payout.

On the payout. The payout's Payment timeline shows a Rejected step: "Returned by the bank. The money is being returned to your EdWallet balance (it can be less if it was converted)." It's followed by the same next steps.

What happens to the money

TransferMate returns the money to your EdWallet balance. If the payout was converted to another currency, you may get back less than you sent, because the exchange rate may have changed since you sent it.

What to do

1. Check the bank details with the provider by phone or video call, not by email.

2. Add the provider again with the corrected details.

3. Send the payout again.

4. Delete the old provider.

If it was a withdrawal to your own bank account, check your account details with your bank, correct them in EdWallet, and withdraw again. See "How to withdraw funds from EdWallet to a bank account".

If TransferMate cancels a payout

Sometimes TransferMate cancels a payout before it's paid. You get an email about that too, with the reason and what to do.

Why a "Verified" provider's payout can come back

When you add a provider, "Verified" only means TransferMate accepted the format of the bank details. The bank checks that the account exists at the first payment. So a payout to a newly verified provider can still be returned.

Providers the bank rejects are switched off

If the bank details of a provider are rejected or deactivated, EdWallet switches that provider off so nobody can pay that account again by mistake:

• In the standalone EdWallet, the provider shows as Deactivated.

• In the Wallet inside Edvisor, the provider is removed from the list.

To pay that school again, add the provider again with the corrected details.

Lower the chance of a return

When you add a provider, copy the bank details from the provider's invoice, and enter the legal name exactly as it appears on the bank account (for a company, Company's legal name). For some Canadian banks, EdWallet warns you if the account number doesn't fit the bank. See "Paying and recalling provider payouts".