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What are Unpaids? Unpaid entries are debit/credit orders that have been returned by the payee bank eg. Payment stopped, Account closed etc. The unpaid schedule will be E-Mailed to you by Cypher. These unpaid entries will start returning to the User’s account within four working days after each action date. NB: Only the consolidated amounts per bank will appear on the your bank statement, and because these entries are consolidated, Bankserv provide a report called "EF70 Schedule of Unpaids". This report provides the details on the consolidated entries that appear on your account. "Unpaid" entries are usually returned by your client’s bank because there are insufficient funds in the account, the account is closed, or your client has place a stop on the entry etc. Redirected Entries. Part of the EF70 report is the "Redirections". Although these entries appear on the EF70 report, they have gone through. The redirections reflect your client’s entries that have been redirected to another bank account. You may find that your client has closed their account at Branch A and opened a new one at Branch B within the same banking group. Branch A will redirect the entry to Branch B and inform you via Bankserv of your client’s new account details at Branch B. However the redirected entry could be returned because of insufficient funds in the new account! CBS receives the entries via magtape from Bankserv. These redirected entries are a non-financial entries. CBS will merely produce a schedule of redirected entries with old and new account details, which will be E-Mailed to the User. Such entries will only be returned on three occasions, after which the banks will unpay them. Thus it is important that you bring your records up to date. The time cycle here is the same for unpaids. The benefit of this service is that because you get a prompt reply from the branches, queries can be cleared quicker. |
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