Skip to main content
P
Pretland
January 24, 2024
Question

Direct deposits ODFI?

  • January 24, 2024
  • 1 reply
  • 0 views
  1. Is Quickbooks the ODFI for direct deposits or is my bank? 

1 reply

M
MelroseV
January 24, 2024

Welcome to the Community space, Pretland. I'll be sharing some details regarding the ODFI in QuickBooks Desktop.

 

Originating Depository Financial Institutions (ODFI) is an application used to deliver Automated Clearing House (ACH) entries directly or indirectly to its ACH operator through a third party. QuickBooks Desktop cannot be used as an ODFI, as it requires the use of a third-party application to function as one.

 

If you have any additional concerns besides ODFI in QuickBooks, please post them here in the community. We are eager to help you. Stay safe!

P
PretlandAuthor
January 27, 2024

I accidentally submitted a $12,000 direct deposit via Quickbooks to an erroneous account. My bank is stating they cannot help me because quickbooks is the ODFI. Do you have a definitive place I can find the NACHA rule that states they are incorrect? 

Do I have a right to sue the bank? 

 

Thanks 

C
Carneil_C
January 27, 2024

I appreciate your reply, @Pretland.

 

I'll add some information about ODFI with QuickBooks Desktop.

 

Please know that your current bank is considered the Originating Depository Financial Institution (ODFI). About suing them, I'd recommend seeking help from legal professionals. They'll be able to give you the best advice for your situation.

 

For further guidance about ACH payments, here's a reference for you to review: What are ACH payments? A business owner’s guide.

 

You can always reply if you need anything else with ACH. We're always here to guide and assist you whenever you need help.

Terms & ConditionsAccessibility statement