AG01 Reason Code: Transaction Forbidden

Official definition

What it means in practice

In a pacs.004 payment return, a return reason code explains why funds that were already settled are being sent back. It sits in TxInf/RtrRsnInf/Rsn/Cd, and bank statements (camt.053, camt.054) repeat it in RtrInf/Rsn/Cd.

The payment is not allowed on this account or for this customer under the agreement the receiving bank has. Typical examples are an account that cannot receive foreign currency, a savings account that accepts no third-party credits, or a customer who has opted out of a payment type.

In older code lists the code was called No Agreement, which is still a good way to read it.

What to do

• Ask the beneficiary which account and currency they can receive.
• Check whether the payment type (for example an instant payment or a direct debit) is accepted on that account before you resend.

Messages and fields that use ExternalReturnReason1Code

Related reason codes

• AG02Invalid Bank Operation Code
• AG07Unsuccesful Direct Debit
• AGNTIncorrect Agent

AG01 in other code sets

• AG01 in ExternalStatusReason1Code
• AG01 in ExternalMandateReason1Code
• AG01 in ExternalVerificationReason1Code

AG01 questions

What does AG01 mean in ISO 20022?

AG01 is Transaction Forbidden in the ExternalReturnReason1Code code set: Transaction forbidden on this type of account (formerly NoAgreement)

What should I do when I get AG01?

Ask the beneficiary which account and currency they can receive. Check whether the payment type (for example an instant payment or a direct debit) is accepted on that account before you resend.

Where does AG01 appear in a message?

For example in pacs.004, element TxInf/RtrRsnInf/Rsn/Cd.