How does Xoom authorize payments from a sender’s bank account?
Payments
Asked by Question Bot11/Mar/20151 answer
1 Answer
F
Faisal Khan
Answered 11/Mar/2015
Xoom has paid out using pre-funding on the correspondent payout side. Your transaction was advanced by the correspondent paying out on the guarantee that Xoom will settle with them.
When you executed the transactions, you are legally binding Xoom to deduct the money from your account. Any NSF or cancellation from your end, will result in collection and for Xoom to pursue legal action in recovering money from you. In short: they assigned you a short-term credit, like writing a check, you are providing in good faith an electronic check that would not be bounced and would be honored.
The ACH from your account will be completed in a day or two.
When you executed the transactions, you are legally binding Xoom to deduct the money from your account. Any NSF or cancellation from your end, will result in collection and for Xoom to pursue legal action in recovering money from you. In short: they assigned you a short-term credit, like writing a check, you are providing in good faith an electronic check that would not be bounced and would be honored.
The ACH from your account will be completed in a day or two.