An ACH is an electronic fund transfer made between banks and credit unions across what is called the Automated Clearing House network.
ACH is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments. Merchants often enable consumers to pay bills via ACH by providing an account number and bank routing number. A number of online payment services also conduct transactions via ACH, including most banks and credit unions’ online bill payment services.
While many ACH payments clear quickly, because of the way in which an ACH is processed and precautions against fraud and money laundering, transactions can sometimes take several days to complete.
Important Consumer Note!
No Credit/Bad Credit? Click here to build your credit score using a real credit card (not a prepaid or debit card that won't help your credit)!A high credit score can allow you to get a lower rate loan, lower your insurance premiums and may even help you get a job! (sponsor link)
Important Consumer Note!Want to get a prepaid Visa with no monthly fees with direct deposit and with more benefits and features such?
If so, then consider the Go2Bank Cash Rebate Visa- Click Here for More Info and to Apply Online in Just Mins (No Fee with Direct Deposit).
(Sponsor Link)
ACH transactions can trigger a return notification if there are insufficient funds in the account.
,An ACH is an electronic fund transfer made between banks and credit unions across what is called the Automated Clearing House network. ACH is used for all kinds of fund transfer transactions, including direct deposit of paychecks and monthly debits for routine payments. Merchants often enable consumers to pay bills via ACH by providing an account number and bank routing number. A number of online payment services also conduct transactions via ACH, including most banks and credit union
This article by the CFPB was distributed by the Personal Finance Syndication Network.
