Hey there, Northwind.
When a bank deposit attempt rejects for an R03, a hold is placed on the payment processing account. Once you've updated your bank information, you'll need to contact us and request that the hold be lifted, so that the funds can be released. We'll be able to see the updated account info and put in a request to release the money to you. Once the funds are sent, you'll usually see them in your bank within two to three business days.
Here's a helpful article about how to fix different bank reject codes: How to fix rejected QuickBooks Payments deposits or fees
If you have any other questions, you can reach out to me here anytime. Have yourself a great day!