ACH (Automated Clearing House)

An excellent article for understanding the work of the transaction

system in the United States, relevant for those who are engaged in
open ups.

First of all, I would like to note that ACH payments account for about
85-90% of all payments that take place within the country. This is the
cheapest and most popular way to transfer money to the United
States. If the holder receives a Direct Deposit salary, then this is done
through the ACH. If the holder sets monthly payments to his
insurance company, then they also go through the ACH. If he wants
to transfer part of the money from his current account to a
brokerage account or to a trading company, then the funds will also
go through the ACH. Anyway, all Bill Pay, which the average
American makes at least a dozen every month, go through the ACH.
ACH is wherever there is cash flow.

That is why the ACH topic has been and remains relevant for the
bays. This is the most popular type of transaction A lazy and greedy
American will not rush to part with his hard-earned 25 bucks and
make a wire. Rather, he will say to himself: "Let the transaction take
1-2 days longer, but I will do it for free." And from this point of view,
ACH payments seem to me less suspicious and attract less attention
from the bank employees.
Recently, more and more often I hear from drop organizers that they
want a wire payment for their drop. I quite understand their desire
to get the transfer as soon as possible and not fire up the drop,
because, in their opinion, a quick transfer is the key to success. But at
the same time, they do not know or forget that in the USA there are
a few banks that allow making wire payments online and, as a rule,
these banks are delayed so much that any wire makes the bank
employees want to call the holder and almost do not take a stool test
from him by phone.

In other banks, wire payments are available in the old fashioned way:
the holder must stomp into the branch and make a transfer in
person. Or he can request to make a wire in the telephone mode,
but before that he still has to visit the branch, sign the agreement
and receive a code for telephone transactions. But almost all
financial institutions allow making ASN payments on-line, and here
we have a wider field of activity.

However, we often encounter the situation that ASN payments in

some places are slower than in others. For example, an ACN payment
from Fidelity to Chase can come the next day, but from BOA it can
come in 2 or 3 days. In some places it takes 3 and more days. I
remember a case when we made a transfer from AlaskaUSA to a
bank and it arrived in 5 banking days, and in fact in a week. Let's see
why this is happening.

ASN supports both types of payment transactions - credits and

debits. We can ask one bank to transfer money to another bank
(credit) or we can ask a second institution to receive money from the
first (debit). Whatever the type of credit-ACH or debit-ACH transfer,
the institution where you request the ACN transfer becomes the
initiator and is called the Originating Depository Financial Institution
(ODFI). And the institution on the other side of the transfer is called
Receiving Depository Financial Institution (RDFI).

When requesting a transfer, ODFI must be sure that it is authorized

to credit or debit another account. Therefore, sometimes a financial
institution may ask us to fill out some form, and in addition also
verify that second account (for example, with mini-deposits). With
Bill Pay, the second account (recipient's account) is already, as it
were, automatically authorized, because the payment goes to a well-
known company. And for person-to-person payments, additional
authorization will be required.

Now about the timing. Remember! RDFI always requires an account

to be credited or debited on the same day specified by ODFI. And
theoretically, the payment must go through and is carried out by the
ACN system within one day, that is, the payment must arrive at RDFI
no later than the next day. Even if you sent the payment late in the
evening, after the "cutoff time", ACN will process your payment late
in the evening and the next morning you should see it in your RDFI
account. Therefore, if the payment takes longer than one day, then it
is not the fault of the ACN system, and not the fault of the receiving
RDFI institution, but the fault of the sending ODFI institution.

Why does it sometimes take two days, three days, or even longer in
some cases? This could be because your payment institutions use a
third party rather than directly through the ACN. The third party
debits first. It takes one day. Then the third party receives money
from ODFI and sends the loan to RDFI the next day. With such an
ASN scheme, the payment will take at least two days.

Another delay may be because ODFI does not send the request on
the same day you initiate the payment. The bank is withholding your
request for several days.

There are several reasons why they are withholding your request.
First, for risk management. If, during this period, the holder
discovered an unauthorized transfer request and he reported to the
bank, then the money has not actually left. Secondly, in terms of
sending time, ODFI can assign itself a bonus for a faster transfer. The
bank can offer you to make a "slow" ACH absolutely free of charge,
and ask for additional money for a "fast" ACH. So, for example, BOA
does: they charge $ 10 for the "next day" ACH, and the standard
payment for 3 days is free.

@Cashout_kingdom

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