Enquiries
Why was my payment rejected? (reason codes)
The common ISO 20022 / pacs.002 reason codes, what each one means, and how to fix it.
Where reason codes come from
When a payment is rejected or returned, the receiving bank sends back a reason code in an ISO 20022 status message (pacs.002 for a status, pacs.004 for a return). The code is a precise, standardised explanation. Reading it tells you exactly what to correct before you resend.
Common codes
| Code | Meaning | How to fix |
|---|---|---|
| AC01 | Incorrect account number | Re-key the account/IBAN from the source; check the checksum. |
| AC04 | Account closed | The beneficiary account no longer exists; get current details. |
| AC06 | Account blocked | The beneficiary must clear the block with their own bank. |
| AM04 | Insufficient funds | Debit account lacked available balance at release; fund and resend. |
| AG01 | Transaction forbidden | This payment type is not allowed on that account; use another rail. |
| BE01 | Beneficiary name / account mismatch | Name does not match the account; confirm the exact name. |
| RC01 | Invalid bank identifier (BIC) | The BIC is wrong or unreachable; obtain the correct SWIFT code. |
| RR04 | Regulatory reason | Missing regulatory information; add the required detail and resend. |
After a rejection
A rejected payment never leaves your account, so there is nothing to recover — you simply correct the flagged field and resubmit. If the code is unclear or you have fixed it and it rejects again, raise an enquiry quoting the payment reference and the code.
AM04 (insufficient funds) can happen even when the balance looked fine earlier if an intraday sweep or another payment moved the money first. Check available balance, not just the book balance, before you resend.
Still need help? Raise an enquiry and our service desk picks it up — you get a tracked ticket reference and a response-time target. Raise an enquiry
About this guide
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- Tracking & enquiries
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- Updated
- 17 Jun 2026