Bank of America also offers same-day ACH transfers for eligible transactions to certain accounts. However, some transfers may take longer, depending on the recipient's bank. Most ACH transfers take one to three business days to complete. The Automated Clearing house is a transfer network that linked up domestic banks and also some international banks in to a system, facilitating money transfers between bank accounts in the system.īanks like Wells Fargo, Citibank, bank of America and other banks are link to this transfer network. This enables customers to directly monitor their bank accounts and their transactions just by using their mobile phone without going to a branch bank. Tap here to see difference between ACH transfer vs wire transfer.įor this reason, many banks have shifted their banking activities to a digital era by developing online banking websites and also mobile apps. In our today's world of digital payment, many people are moving away from payment options like the use of check books which take longer time for the money to be credited into the check bearers account, to more advance and electronic methods like wire transfers and ACH transfers which usually take shorter time for the money to be transferred. It's a popular option for recurring payments like rent, bills, or payroll, as well as for one-time payments like sending money to friends or family. An ACH transfer, which stands for Automated Clearing House transfer, is a way to electronically move money between bank accounts.
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