Questions tagged [ach]

Automated Clearing House

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3 answers
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Is it legal for a credit union to debit an account based on the ACH Label, when a different account number was given?

My main credit union (Credit Union A) recently upgraded their ACH software. I have a car loan with Credit Union B. Every month for over a year, the car loan payment has debited from my savings ...
rogerdeuce's user avatar
1 vote
1 answer
80 views

Transferring money: effective person-to-person transfer mechanisms: ACH, Fednow,wire, something else? [closed]

I'm curious what mechanisms exist to transfer "largish" amounts of money from one individual to another in the US. Sending a check seems archaic and the last one I sent was lost in the mail. ...
hillbump's user avatar
0 votes
1 answer
107 views

Why is a failed ACH payment more likely to trigger an NSF fee than a failed Visa/MasterCard debit payment?

Background information (you can skip this) The average NSF (insufficient funds) fee in the US is $34. (Source.) Dipping below a zero balance can sometimes lead to hundreds of dollars in cascading ...
unforgettableidSupportsMonica's user avatar
0 votes
2 answers
161 views

Why a relatively low limit for ACH transfers?

The ACH system supports transfers up to $1 million. However, the highest limit I see on this list of major banks is only $25,000. Why do banks set a relatively low transfer limit? From my ...
Qian's user avatar
  • 143
19 votes
5 answers
6k views

Why are wire transfers not reversible by the bank?

ACH payments and credit card payments are both forms of electronic payments. Because of this, reversing a payment is usually as straight forward as calling your bank. However, this does not seem to be ...
AlanSTACK's user avatar
  • 1,370
0 votes
2 answers
91 views

Does using Express ACH for fee makes sense?

nacha.org has started same day ACH. There are some banks and other institutions are starting to use it. On some banks I have seen a message as shown below Express Transfer: Your transaction qualifies ...
puzzled's user avatar
  • 960
1 vote
2 answers
234 views

ACH Direct Debit Blocking (fraud protection, security)

How can I setup a bank account in the US that can receive ACH credits but block all ACH debits? I have a bank account for my business that has an ACH routing and account number, so that my customers ...
Michael Altfield's user avatar
0 votes
0 answers
104 views

I can't seem to make a payment out of my bank account. What can I do?

I am an expat living overseas. But I still make several purchase using my US credit card (Citi Card). Recently my electronic credit card payment (for my monthly bill) was returned with a code saying ...
Dong's user avatar
  • 143
-1 votes
1 answer
100 views

Where do I submit an ACH file in my application code?

i have 2 bank accounts Gobank and TD bank. i need to Debit Gobank and Credit TD bank via ACH. okay i understand the part where i collect information for each bank but where do i submit the information?...
Labor Poster services's user avatar
1 vote
1 answer
147 views

How does a credit card company receive credit card bill payments? [closed]

If I make a payment to my credit card, how does that transaction actually happen behind the scenes? Does money from my checking account get transferred into the credit card issuer's checking account? ...
geochanto's user avatar
  • 113
31 votes
2 answers
6k views

Why is my bank unable to track a direct transfer I made to another (fraudulent) account?

I was the victim of a scam. The scammer posed as a person I wanted to do business with, and I was tricked into sending money from my bank account to another bank account using an account number and ...
Bowtie's user avatar
  • 411
1 vote
0 answers
85 views

Why ACH is still slow even after 3 phases by nacha

per nacha , USA banks are suppose to be processing ACH fast, but I have not seen any improvement in ACH with either brokerage or bank accounts since year 2003. What is the reason for no visible change ...
puzzled's user avatar
  • 960
6 votes
2 answers
934 views

Why are ACH transfers typically free, while wire transfers cost money?

I read on finance.umich.edu: A wire is a real-time method of transferring immediate funds and supporting information between two financial institutions and is relatively expensive to use. An ACH is ...
Franck Dernoncourt's user avatar
1 vote
2 answers
339 views

Why can one pay with ACH but not with checks from a savings account?

I have a payment I have to make four times a year. (well within Regulation D limits) The payee only accepts checks, and they sit on the checks for a random amount of time between 1 and 6 weeks before ...
Billy's user avatar
  • 11
1 vote
0 answers
449 views

ACH transfer to incorrect account type ('Savings' instead of 'Checking') - US bank to another US bank: Is it lost?

A friend visiting the US was asked to transfer $2000 for rent payment to a US bank account. On February 12th, while doing an ACH transfer from his US bank account to the landlord's account in another ...
Ritesh Singh's user avatar
1 vote
1 answer
307 views

How do Money Service Businesses (cheque cashing places, Money Tree, etc) actually cash cheques?

I understand a paper cheque ("check" en-US) is essentially a type of legally enforceable contract. The writing on the cheque essentially says: "I, Mr. Moneybags will pay £500 to Mr. John Smith. I ...
Dai's user avatar
  • 1,807
1 vote
1 answer
10k views

How does ACH Deposit work (USA) - account holder name mismatch?

I would have a question related to ACH deposit where payment processor behind the website (i think it is Stripe processor) request, in Banking part of webpage section, only account number and routing ...
Andrew0's user avatar
  • 47
1 vote
2 answers
2k views

Initiated transfer from bank A to B. Stuck in limbo? How do ACH transfers work exactly?

I scheduled a $250 dollar transfer from bank A to bank B. When I look at my transfer activities on bank A's website. I show that the transfer processed on June 4th. However, the amount was never ...
Tyler's user avatar
  • 45
1 vote
2 answers
606 views

Multiple day ACH transfer - is there a day when neither bank is paying interest?

If I transfer money from my account at bank A to my account at bank B, using a free multi-day ACH transfer, is it common that I would not be paid daily interest for the balance while the transfer ...
Kevin Burke's user avatar
0 votes
1 answer
557 views

What is the settlement date for ACH?

DTCC requires that equities, municipal debt securities, corporate debt securities, and CDs settle T+2 and US Treasury & Agency debt securities settle T+1. Is there any strict settlement date for ...
Fueled By Coffee's user avatar
3 votes
1 answer
254 views

Paid off a US Bank credit card, but they sent two withdrawals - bank account overdrawn

I paid off a US Bank credit card on Friday (~$5000) and today in the morning I woke up to an empty bank account because they made two withdrawals, both for the same exact amount. I talked to US Bank ...
Patrik's user avatar
  • 33
0 votes
1 answer
66 views

Late estimated quarterly payment because state failed to act on ACH authorization

In October I submitted payment for Q3 taxes to PA and received a confirmation number for my payment. But they failed to act on that authorization until January, when they must have noticed it at the ...
zkurtz's user avatar
  • 101
1 vote
0 answers
274 views

Rejected ACH due to bad account number

I set up all my bills to pay thru ACH. They all go thru for the most part. However, I had 2 separate situations where my water bill got rejected. It would go thru one month and for some reason not go ...
Toni's user avatar
  • 11
3 votes
1 answer
158 views

Can I Report The Recipient of an ACH Transfer?

I made an ACH transfer through a business account. I willingly transferred the money. Later on, I discovered that they were a scam. I had to hold liability for the money I transferred. But, the ...
AndrewMk's user avatar
  • 131
3 votes
1 answer
252 views

Why do we need ACH? [closed]

What does ACH do that banks can't do? As far as I understood, the main feature is batch processing. My understanding of the process: Each bank transfers payment information to ACH. ACH performs the ...
Artem's user avatar
  • 891
-1 votes
1 answer
187 views

How to cash ACH vouchers to my French account without paying more banking fees than sending a postal package containing cash?

I worked for a company based in the United States as part of a non-commercial activity (I mean the income is not taxable to the IRS and thus I can’t get an itin or ssn in order to open a bank account)....
user2284570's user avatar
1 vote
2 answers
220 views

Alternatives to checks for rental payments. Bank account transfer

I have a tenant who would prefer not to write and mail checks each month, and I'd rather not have to cash them. What are the options for "bill pay" like electronic checks/ACH services between ...
Bryce's user avatar
  • 2,510
1 vote
0 answers
75 views

Company has not processed ACH payment

I recently bought a car that I paid for using an ACH over 3 months ago. Yet, the money has still not left my account. Could it be that they just forgot to accept the payment? I have been in touch with ...
aowie1's user avatar
  • 111
1 vote
2 answers
7k views

ACH credit from unknown source

So I received an ACH credit of about $100 in my Chase current account from a source I do not recognize. The transaction description includes "REGMANGR1 6873 CCD+" I called Chase, and the rep told me ...
prmph's user avatar
  • 171
2 votes
2 answers
1k views

Will direct debit end automatically when loan is paid

If a loan is paid automatically each month through direct debit, will the direct debit stop when the loan reaches zero or will money continue to be withdrawn until the person paying the loan stops the ...
Rich's user avatar
  • 1,717
1 vote
0 answers
122 views

what constitutes a 24 hour period for ACH transfers?

My bank limits me to a 50K ACH transfer in a day. Is a day 24 hours from the time I scheduled the transfer? Or from the time of the scheduled delivery?
mboaz8's user avatar
  • 11
3 votes
2 answers
11k views

What does the ACH return code R34 mean?

I'm attempting to settle a debt using a valid bank account via a typical online form provided by a financial services institution. The financial services institution has apparently accepted and ...
Fetter Doubt's user avatar
0 votes
1 answer
187 views

ACH File Transmission [closed]

Is there any desktop software, either web based or desktop based, to transmit ACH File request to the financial institution? I saw some ACH File creation applications but cannot find any transmission/...
Ron0's user avatar
  • 1
18 votes
6 answers
13k views

Scheduling bill payments exactly on pay day - dangerous risk of overdraft?

Every payday, my pay is deposited into my Citibank checking account by ACH transfer. Before pay day there is close to $0 in my checking account, as most of it is transferred to savings. Usually in ...
James Fennell's user avatar
2 votes
1 answer
78 views

ACH vs Mailed Checks in the context of Overpayment

I have not been successfully able to get a clarifying answer from my mortgage company on this issue, so I was wondering if anyone here knew. If I am overpaying my mortgage, by let's say $100 per ...
Moby's Stunt Double's user avatar
2 votes
4 answers
2k views

How to move money between U.S and non-U.S bank accounts?

In the U.S, whenever I want to move money between my U.S bank accounts, I simply link them once using their respective routing and account numbers, and then initiate ACH transactions between them ...
AxiomaticNexus's user avatar
1 vote
2 answers
738 views

If a bank has a transfer limit, what happens if another bank pushes/pulls more than that?

If bank B has a transfer limit of $N, whereas bank A has a transfer limit that is higher, what happens if bank A attempts to withdraw from an account in bank B more than > $N in one transaction? ...
user541686's user avatar
  • 3,369
5 votes
2 answers
507 views

Is there a bank account that allows ACH deposits but not ACH withdrawals?

I worry sometimes about fraud and/or unscrupulous people getting a hold of my bank account numbers, with regards to electronic transactions. I've heard it's very easy for imposters to use ACH to get ...
iPherian's user avatar
  • 362
4 votes
3 answers
18k views

Consequences of having an ACH payment declined?

Apart from embarrassment, is there any other consequence to having an ACH transaction declined (like an automatic payment of some sort)? Is it treated the same as a check bouncing? Does it affect ...
Jay's user avatar
  • 1,137
3 votes
1 answer
911 views

ACH Transfer limits

I belong to a Credit Union and they tell me that the maximum amount I can transfer via ACH is $500. That seems very low to me. Is that normal?
Edward Fronczkowski's user avatar
0 votes
1 answer
356 views

Where to request ACH Direct DEBIT of funds from MY OWN personal bank account?

Could anyone please explain where and how to request ACH Direct DEBIT of funds from MY OWN personal bank account? The ACH Processors such as nationalach.com are out of the question because they only ...
Karen's user avatar
  • 11
1 vote
1 answer
387 views

Is there ACH analogue in Asia?

Wiki says: Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. Is ...
Green's user avatar
  • 549
7 votes
1 answer
275 views

Is it possible to block previously authorized ACH access?

We engaged in business with another company that provides credit card processing service. At the time of signing up for their service we authorized them to use ACH by giving them a void check (a ...
Jonny's user avatar
  • 295
7 votes
1 answer
9k views

Are ACH transfers between individuals possible?

All the information I've found on ACH transfers for individuals apply to the scenario in which the individual makes payments to an institution of some kind (usually a business). But are ACH transfers ...
kjo's user avatar
  • 197
3 votes
2 answers
690 views

ACH processing time of day

As I understand it, ACH transactions are not processed when a customer initiates them, but rather batched by the institution and processed at once. Is there a standardized time of day that the ...
arcyqwerty's user avatar
  • 1,261
0 votes
1 answer
549 views

Tracking the status of payment

Is it possible to track the true status of a payment right through to crediting the beneficiary account? If i send a wire payment form my bank account to a beneficiary account at another bank, is it ...
Elaine's user avatar
  • 1
5 votes
1 answer
798 views

ACH debit blocks/filters on consumer account

Are there any banks which offer ACH debit blocks or filters on consumer (as opposed to business/organization) accounts? The idea is that, on certain accounts, it would be possible to restrict the ...
arcyqwerty's user avatar
  • 1,261
1 vote
2 answers
193 views

Free banking transfer every 4 weeks

In an effort to automate my banking life, I'm trying to setup recurring ACH transfers from one bank to another. I need the flexibility to do the transfer every other paycheck (every 4 weeks). Bank ...
InbetweenWeekends's user avatar
-2 votes
1 answer
311 views

From ACH direct debit to Prepaid card?

I am searching for solution how to be direct debited (ACH) to personal or business bank account where those funds would arrive (deposit) to prepaid card? The solution must meet all three of the ...
Dog's user avatar
  • 1
2 votes
1 answer
500 views

Why no "reverse direct deposit" setups?

Every online payment provider I've examined requires the user to link their bank account to their online account: paypal.com circle.com coinbase.com Especially in the US, this isn't the most secure ...
user19087's user avatar
  • 129