Transaction status and rejection process

A Mutual Fund transaction goes by different status during its life time. The first status would be Entered as you enter the transaction into the system. The second one would be Placed as the transaction is released from Akila 2.0 to FundServ. The third one would be Waiting as the system awaits the answer back from FundServ. The forth one can be a bit trickier as it can either be Open if the transaction has been accepted (WA – Wire Accepted) by the Fund Company or Rejected if the transaction has been rejected (WR – Wire Reject) by the Fund Company.

During the course of the day, you have many tools available to verify those statuses. We will be concentrating on Rejected Transactions.

The first one would be to print your Daily Order Entry Report that you can find in the Report Manager under the Category Accounting and Audit Reports. We do recommend that you select only Fund under the Investment Type tab and that you type your user ID under the User tab. This will enable you to see only the transactions that you have entered into the system during that specific day.

The second one would be to go under the Order Book tab on top, select Fund – your advisor code – Rejected as search criteria, see below. Then press the Search button and review the list. This is where you would be able to see other transaction statuses also.

To know the exact reason of the rejection of your transaction, you will have to directly contact the Fund Company client services line. The rejection of a transaction can be for many reasons; trying to switch 10% free units when it was previously done in the year, trying to switch mature units when the Fund Company is not allowing it electronically, or purchasing a fund that is no longer available for new investors.

Please note that a transaction can be rejected by the Fund Company or by FundServ (Network rejected) following rules that the Fund Company would had provided to them. So when you call the Fund Companies it is possible that they are unable to see your rejected transaction. In those cases, please contact PEAK Securities Team by email (securities@peakgroup.com) or by phone.

The PEAK Securities Team will also be able to change the status of your transactions from Rejected to Cancelled so that they disappear from your screen.