How do settled funds work with the addy system?
EFT Chargeback Period
The Client acknowledges that subscribers whose subscriptions are accepted through a Closing Authorization may initiate a chargeback (or similar action) for at least 90 days after their funds are transferred to the Company’s trust account. As a result, the subscription funds may be revoked or withheld. The Client understands that the Company cannot prevent chargebacks and is not responsible for any resulting financial consequences.
Interac Payments
Interac payments received by the addy system are considered guaranteed funds. Once sent, they cannot be reversed or reclaimed by the sender’s financial institution.
Private Issuer - Wire Transfers
As a private issuer, you can record wire transfers received in your own bank account to close transactions within the addy system. It is your responsibility to ensure all wire transfer details are accurate before finalizing a transaction. This includes verifying the amounts, recipient information, and records. If an error occurs, you must correct it promptly. If the transaction has already been closed, you must update the records to reflect the correct details. Failure to do so may result in reporting inaccuracies, compliance issues, and financial discrepancies.