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ARC Advises Agents of Bank Settlement ErrorJanuary 15, 2010 By: George Dooley
The Airlines Reporting Corporation (ARC) has issued the following warning to agents and CTDs of an early bank settlement in error and reversal for the period PED 01-10-10:
“The ARC settlement for sales PED 01-10-10 that was scheduled to be drawn or credited from agent bank accounts on 01-20-10 settled against a number of agent bank accounts in error on either 01-14 or 01-15. As of 10:30 a.m. Eastern Standard Time, Friday, ARC has initiated a reversal of all affected transactions in order to rectify the error. We request that agents contact their banking institution to ask that they not individually return credits or drafts. This will make the overall uniform reversal process run much smoother for all parties.”
“We accept full responsibility for this occurrence and apologize for any inconvenience this has caused our agency community. ARC will reimburse travel agencies for any related charges incurred as a result of our error as we work to rectify the issue,” said David Collins, ARC’s president and chief executive officer.
Travel agents can contact ARC Customer Care Center at 703-816-8003 or at [email protected] with any related questions. Further details regarding reimbursement procedures will follow shortly.
ARC Issues New Instructions on Early Bank Settlement/Reversal
ARC issued a follow up message to this morning’s email notification regarding the debit/credit issued in error for PED 01-10-10.
“Please be advised that a reversal of the erroneous debit/credit was issued on behalf of ARC by Bank of America today, 01/15. We have confirmed that our reversals have begun to reach agents’ bank accounts, however depending upon the processing schedule of individual banks, these credits may not be posted until the next business day. ARC recommends that agents follow up with their bank if they have concerns about the timing and availability of funds.”
“ARC will reimburse agents for any related charges incurred as a result of our error. Agents are asked do one of the following items in order to initiate these requests:
* Mail a letter requesting the refund along with supporting documentation to ARC, Attn: Agent Draft Refund, 4100 N. Fairfax St., Ste. 600, Arlington VA 22203-1629, or e-mail supporting documentation to [email protected]. Correspondence will be acknowledged within 24 hours and credits will be processed within seven business days of receipt. Visit www.ARCCorp.com.