Debit Order Reversal and Re-matching

A Debit Order can be reversed at any point from being matched, to the investment instruction being completed

Import the bank statement with the reversal transaction (See Import Bank statements and where to import Bank statements).

Go to the relevant investment instruction

Match the failed bank transaction

The Debit order status will now be ‘Debit Order Reversed’

Initial fees, fee splits on the Debit Order, insurance premiums and the investment will be reversed to the working portfolio of the product.

If no further movement has happened on the instruction, the reversal to the working portfolio will happen immediately. Should the units on the dealer instruction be amended (this can be done by a FINworks support member upon request and receipt of the trade confirmation with correct deal values), this will also update the unit value on the debit order reversal transaction/s seen on the investor’s contract.

In instances where:

• a insurance instrument form part of the instruction, or
• a cash instrument transfer has already been created for the instruction, or
• the dealer instruction has already been created or completed

the reversed to the working portfolio of the product will only happen after the instruction has completed (where the instruction contains buys into more than one instrument, the system will do the unit reversal when the dealer instructions confirm.

NOTE: If a Dealer Instruction for the reversed debit order is cancelled, the Recurring investment will not complete and the instruction will have to be cancelled.

Should a further debit order attempt on the investment instruction be successful, the reversal can be re-matched

The investment instruction will proceed and in the case where the investment was reversed to the working portfolio, the investment will be written back to the investor account and the initial fees and fee splits to the relevant Fee accounts

NOTE: If a debit order has initial adviser fees and the adviser fees have been allocated to an adviser with ‘Should Switch Initial Adviser Fee To Money Market Fund’ ticked, the switch on the adviser fee portfolio will be created when the debit order has been matched. The switch will proceed if a dealer instruction or money transfer have already been created on the adviser switch, regardless if the debit order has been reversed prior to any movement on the debit order (money transfer or dealer instruction).

The adviser switch will be cancelled on reversal of the debit order, if no dealer instruction or money transfer have been created on the adviser switch prior to the the reversal of the debit order. If the debit order re-match a switch instruction will not be created on the adviser fee portfolio again.

Also see Debit order Reversals/rematch on a contract buying into client accounts

Last Updated on 5 months ago by Hayley Jerram