Transfer blocked at Slash

What is happening

Slash Financial, Inc. is a financial technology company, not a bank. Banking services are provided by Column N.A., Member FDIC, under its Commercial Deposit Account Agreement. Slash is the bank's "Servicer": to contact the bank, you contact Slash.

A transfer is on hold or under review. Slash says large wires may get additional review for compliance purposes, and wires to certain destinations may need manual review by its banking partner. It can notify you when a wire is "placed on hold for review or requires additional action." The deposit agreement says the bank may hold your accounts if it suspects irregular, fraudulent or suspicious activity, without telling you first. It may ask for more information and keep the hold until it gets it.

Your account is closed and money is left in it. The deposit agreement says that if your accounts are closed for any reason, the bank returns the remaining balance by ACH or funds transfer to an external account on its records, or by check to the address on file. It may first ask for identification, external account and address verification documents. It may wait until pending transactions settle, and may refuse to return a balance under $1.00.

Common triggers

Slash and its bank name these reasons:

• Large wires, or wires to certain countries, which may need compliance or manual review.
• Wrong account, routing or SWIFT details, or a balance too low to cover the transfer and fees.
• Activity the bank considers irregular, fraudulent or suspicious.
• No reply to a request for information. The bank may then refuse the transaction.
• Your own approval chain: the payment needs approval inside your team first.
• An active dispute or investigation, which puts a closure on hold.

What to do in the next 72 hours

1. Open the Transactions section of your dashboard. Note the status, amount and date of the transfer.
2. Check your Slash notifications and email for a hold or a request for information.
3. Check whether the transfer is waiting for approval inside your team.
4. For a failed wire, check the recipient's account, routing and SWIFT details.
5. For a returned ACH transfer, look up the code at www.slash.com/ach-return-code.
6. While you still have access, download your transaction history (CSV), statements and tax documents.
7. Write to Slash through the in-app chat, or email [email protected] from your account's address. Use the letter below. Slash says support is available 24/7.
8. If your account was closed, confirm the external bank account and mailing address Slash has on record. The bank returns the balance there.
9. Answer every request honestly and consistently with what you told Slash when you opened the account.

Documents to gather

• The hold or closure notice, with its date.
• Your transaction history export and statements.
• Details of the transfer: amount, date, recipient, type.
• Identification, external account details and proof of address. The bank may ask for these before returning a balance.
• What Slash asks for about your activity. An account under review may be asked about recent card transactions.

Letter template (editable)

Copy it, replace the parts in braces, and send it yourself through the official channel. The free plan fills in your own facts.

Subject: {business_name} - request for information on funds held

Hello {platform} team,

I am writing about the account of {business_name}, registered under {account_email}.

Since {started_on}, {amount} has been held or not returned to me.
The reason given, if any: {reason_given}.
The release date I was given, if any: {announced_release_on}.

Could you please tell me:
1. The reason for the hold or closure, if you are allowed to share it.
2. The exact amount currently held.
3. The expected date the funds will be released or returned.
4. Which documents I can provide so that you can review the account.
5. How the remaining balance will be returned to me (ACH, wire or check),
   and which bank account or address you have on record.

I will provide any information you need. Thank you for your help.

{your_name}
{business_name}

Keep selling while you wait

• Open a backup business account with a provider that accepts your real profile and location.
• Send clients the new payment details in writing.
• Update recurring payments and direct deposits that use your Slash details.