When a deposit is rejected and recalled by your bank, it unfortunately, temporarily causes a negative balance in your account which you can learn more about from the SEC here.
You recently initiated a deposit to purchase stocks and while the stocks were purchased your bank rejected and recalled your transfer. Not to worry as you can quickly and easily bring your account back to full strength by retrying the original deposit now.
Why it happened:
Usually, your bank rejects a deposit due to:
- Insufficient Funds
- Declined Transfer (by your bank)
- Account Type Incorrect (Savings, Joint, Business accounts are not compatible)
Why it’s important:
Since the app allowed you to buy a stock before the funds were successfully added, there is currently stock that simply needs to be paid for. To learn why it’s critical to cover the unpaid balance right away please check out this guide from the SEC.
Public is charged a $30 fee per ACH reversal by our clearing firm, Apex Clearing which is currently shown in your account as a debit.
In order to cover the negative balance, you can either:
- Make a deposit to cover the $30 fee from your account
- Sell enough stock in your portfolio to cover the discrepancy
If you ever need help or have more questions, we’re always available in the app Live Chat or via email at email@example.com! 🤗