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Thank you for explaining it, you did a great job at helping me understand what happened. The whole process seems way too convoluted for something as serious as paychecks. It really relies on everybody acting in good-faith and in the proper fashion. By Cachet working Step 2 before Step 1 and possibly assuming Step 1 was going to happen, they already were too far gone and only made the situation worse for them and a bunch of employees.

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The whole idea of ACH transfers and giving everyone write access to everyone's account in this day and age is crazy to me.

There should not be a way for money to leave an account without the account owner's explicit permission.

We insisted that our bank provide positive pay for ACH. If you are a business you should consider this if you hold large balances. It works very well. Only authorized ACH entities up to authorized limits can debit (or I can set it to notify and someone has to approve each one).

There are lots of multi-day delays in the ACH system. It's common to pay money out of an account on the expectation that a matching amount of money will be paid in the same night.

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