What it means
The receiving bank has been bought by another bank will no longer accept the routing number. When banks are bought and sold, the purchasing bank will often accept the routing number of the purchased bank for a short period of time. This return code indicates that the EFT's routing number of the purchased bank is no longer accepted.
For example: Wells Fargo recently bought Wachovia. Wells Fargo accepted Wachovia's routing number for a few months to ease their acquired customer's transition. After that transition time expired, Wells Fargo required all of their customers to use their new Wells Fargo routing and account number. This EFT used the old Wachovia routing number.
How to fix it
For tenant payments, Association owner payments, and rental application fees
Contact the resident or applicant to find out how they'd like to proceed. They should have a new routing number to use and possibly a new account number as well.
For rental owner and vendor payments
Contact the rental owner or vendor to find out how they'd like to proceed. They should have a new routing number to use and possibly a new account number as well.
Buildium strongly suggests you get epayment information from a voided check. If a voided check is unavailable, get a letter from the bank or another "official" document.
Formal Definition
R12 Account Sold to Another DFI
A financial institution may continue to receive entries destined for an account that has been sold to another financial institution. Because the RDFI no longer maintains the account and is unable to post the entry, it should return the entry to the ODFI.
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