Funds Transfer Statuses

This article provides an overview of the statuses a fund transfer transaction from a Green Room business financial account to an external account.

Funds transfers are transactions for sending money to an external bank account that you control. After these transfers have been initiated, they can be in one of four statuses.

processing
returned
failed
posted

processing transfers is the initial state for any fund transfer. This transaction is still pending in our payment processor's system. Funds remain in the balance of your account, but have been allotted for the transfer, as shown in the "available balance" indicator below your total balance. These transactions can transition into posted, or failed statuses. Transfers in this status are considered pending. Processing transfers should be expected to take 1-3 business days before posting. Learn more...

posted transfers have been sent to the payment network and funds have left the account (with the transaction posting). Transfers in this status are considered settled, but can be transitioned into returned status if the destination account rejects the transfer for any reason.

returned transfers have failed to arrive at their provided destination account, and the funds have been returned to the Green Room financial account. These statuses are accompanied by a secondary return reason in the summary provided on the transaction detail drawer in Green Room, which are provided with brief descriptions below. Transfers in this status are considered settled.

closed The destination account has been closed.
frozen The destination account has been frozen.
restricted The destination bank account has restrictions on either the type or number of transfers allowed. This normally indicates that the bank account is a savings or other non-checking account.
owner change The destination bank account is no longer valid because its branch has changed ownership.
declined The destination has declined this funds transfer
wrong name The destination bank notified us that the bank account holder name on file is incorrect.
invalid account The destination bank account details on file are probably incorrect. The routing number seems correct, but the account number is invalid.
no account The destination bank account details on file are probably incorrect. No bank account exists with these details.

failed transfers were unable to be transmitted to the payment network, and funds were returned to the originating account. Transfers in this status are considered settled.