What is FTNR Full Form in Banking?
The full form of FTNR in Banking is First Time Not Right. This is a commonly used term in the banking industry. The term is typically used when there is a failed transaction because of incomplete or incorrect information. For example, you may have entered the wrong account number or IFSC code while transacting. In digital banking, most transactions are automated, and hence there is no human intervention that can tell the customer about incorrect information. So, if the customer enters the wrong details for the Automated Clearing House Transaction, the transaction may fail with the FTNR code.
What Else Should We Know About FTNR?
One major question that most people may have is what happens to the money due to the FTNR transaction. If the money has been debited from your account, then be assured that the funds will be credited back to your bank account. In addition, First Time Not Right is also used to remind the customer to verify the details they have entered. This is precisely why many banking channels ask you to enter the information twice to ensure the details are validated and correct.