Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [ach]

Automated Clearing House

Deposits or withdrawals directly from a US bank account. Used frequently for direct paycheck deposits or automated payments from consumers.

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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 routing number. My question is: In the United…
Bowtie
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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 the case with wire transfers. At the end of the…
AlanSTACK
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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 the run up to payday, I take a look at my three…
James Fennell
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Why would an escrow/title company not accept ACH payments?

I've recently entered into the escrow relationship for a home purchase and I'm seeing the following language show up in an email. Please do NOT send an Electronic "ACH" transfer, as our bank does not accept these. I'm curious why a bank would not…
jxramos
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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 common practice). However, relationship went sour with…
Jonny
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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 between indviduals possible? (Or, more…
kjo
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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 similar to a wire transfer only it uses a…
Franck Dernoncourt
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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 money once they have the numbers. Obviously I'd…
iPherian
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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 electronic debit of funds. Is there an equivalent…
arcyqwerty
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Why do we need ACH?

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 payments in a scheduled way. Now, what is the…
Artem
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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 your credit negatively (leaving aside potentially…
Jay
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Why do (ACH) payments that withdraw or deposit on my bank account require 1+ business days to complete?

Based on this question, I figured that there might be multiple questions for distinct locales. Why do the most common transactions to or from bank accounts in the US require waiting one or more days before they are completed? In the information age,…
NL - SE listen to your users
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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 validated the routing number and account number in…
Fetter Doubt
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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
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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 transfer actually happens or is it dependent upon the…
arcyqwerty
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