How to Track the Status of a Reversed Transaction
When a transaction is reversed, it is essential to track its status to ensure that the funds are correctly processed and reach the intended destination. Here’s how you can follow up effectively:
Understanding Reversed Transactions
Reversed transactions occur when a payment does not go through as intended and the funds are sent back to the sender's account. Tracking the status of such transactions helps confirm the reversal and ensures that no further issues arise.
Using an IMAD Number
An IMAD (Input Message Accountability Data) number is provided when a transaction is reversed. This number is critical for tracking purposes as it acts as unique identification for the transaction.
What is an IMAD number? The IMAD number is a reference provided for each transaction, especially in interbank or financial institution dealings. It ensures accountability and traceability.
How to use an IMAD number? You can contact your receiving bank or financial institution and provide the IMAD number. This allows them to retrieve the transaction details and confirm the reversal status.
Steps to Track a Reversed Transaction
To identify and check the status of a reversed transaction:
Obtain the IMAD number: The bank or financial institution from which the transaction originated should give you the IMAD number once the reversal occurs.
Contact the receiving financial institution: Reach out to the receiving bank or payment service provider, and share the IMAD number with them to begin the tracking process. They will use this data to confirm the specifics of the reversal.
Verify with your bank for sender details: If necessary, your originating bank can provide additional support or details to facilitate the follow-up process.
Always retain transaction references and direct inquiries to the relevant bank's customer service for additional assistance when needed.
Common Scenarios and Tips
If you are the sender, ensure you have the IMAD number at hand before contacting support.
If you are the recipient, ask the sender to share the IMAD number with you or directly with your bank if required.
For international transfers, the IMAD tracking process might take longer due to additional interbank communication layers.
By understanding the purpose of the IMAD number and following these steps, you can efficiently track the progress and resolution of your reversed transactions.