Why do ACH not process quicker? Is something else faster?

[badatmath]

Or maybe how quick should I expect them to process?

Just buying a CD so no rush but I mean if I NEEDED it . . . is something else faster?

 

[Kings over Queens]

Wire transfer?

 

[badatmath]

Maybe my bank is sick today I just got "transaction host failed" trying to pay a bill. I keep telling you all checks are easier even if no one believes me!

Oh well always tomorrow.

 

[ncbill]

Wire transfer...but you often gots to pay.

 

[Kings over Queens]

Maybe my bank is sick today I just got "transaction host failed" trying to pay a bill. I keep telling you all checks are easier even if no one believes me!

Oh well always tomorrow.

I tried to renew car registration online. The state dot gov only allows payment through a credit card (no option to use checking account ach), and they charge $2.95 service fee. That pissed me off. Oh, they also require you to print the registration document yourself.

Go pound sand, I wrote a check, and saved the difference from the cost of the stamp less the $2.95.

 

[disneysteve]

Wire transfers can be faster for a fee.

Zelle is instant when that’s an option. And it’s free.

 

[Aerides]

Or maybe how quick should I expect them to process?

Just buying a CD so no rush but I mean if I NEEDED it . . . is something else faster?

ACH is quite old, initially for bank to bank payments, and was never built to be customer facing or instant.

 

[RetiredAndLovingIt]

I wouldn't recommend that you use a costly wire transfer just to pay a bill.
It sounds like you are setting up the payment with your bank to make the payment.
I have all my regular monthly bills (except my credit card) set up for autopay with each provider so they pull the payment from my bank each month on a certain date so I never have to worry about it. I resisted autopay for a long time because I liked to control when the bills were paid but after I got a couple of late fees for bills that must have got lost in the mail I decided to automate it for less hassle.
I set the credit card bill up manually on their website so the money gets pulled just a day or 2 before it's due.

 

[Texas Proud]

Yes, ACH is an overnight event... no instant transfer available...

 

[latexman]

Yes, ACH is an overnight event... no instant transfer available...

At my CU (BillPay), at it's fastest, ACH is a next business day event, if the receiving party gets it electronically. The CU says, "Allow 2 to 3 business days for the payee to process the payment."

 

[jazz4cash]

For me ACH is highly variable. Some places are next day but others take several days. I assume it depends on back office and policy at both sending and receiving institution. I deposited cash at Penfed recently only to learn there is a 5 day hold for their Premium Online Savings. I did a wire transfer once which was instantaneous but paid $30.

 

[Spock]

Wire transfers can be faster for a fee.

Zelle is instant when that’s an option. And it’s free.

I've used Zelle a couple of times. It's good for tiny stuff.
I had to pay for a hot water heater replacement up against the home sale closing deadline. Zelle daily transaction limits at Wells Fargo were too small to pay the bill. I had to split it into two transactions >24hours apart.
What was infuriating was about 2 months prior I had received a one off Zelle payment for selling a vehicle that was 2x the cost of the water heater.
Zelle is worthless for paying for anything bigger than dinner.

 

[Spock]

ACH is quite old, initially for bank to bank payments, and was never built to be customer facing or instant.

Here comes FedNow.
Followed by CBDCs.

 

[easysurfer]

Usually, I do an ACH about with about a week cushion. Find something to do for a few days then like magic, the transfers happens as I wasn't even paying attention.

LBYM habit .

 

[Aerides]

Zelle limits are set by your bank
If you ask, they will raise it. I have two different banks that let me send 2k at a time.

 

[Alan]

Yes, ACH is an overnight event... no instant transfer available...

Yes and it has to be a business day, no weekends or Federal holidays.

 

[audreyh1]

ACH is usually available next day for me.

They collect transfers and usually process them around 4pm that day. So the funds get transferred then, and usually show up first thing the following day. If it takes longer you can blame the receiving institution, or maybe the sending one.

If you initiate the transfer late in the day it may not be processed until the next business day.

 

[badatmath]

Yes, ACH is an overnight event... no instant transfer available...

I requested it yesterday about noon, it has not processed yet despite overnight. They say it can take up to 3 business days.

I just want the money to move to bank 2 to open the CD before the window to buy closes (I think it said ~ 10 days) but there should be plenty of time.

The bill I was paying was internal to the bank. I noticed I only owed $5 on the credit card when I was in there and statement is about to close so I tried to transfer the money.No point to generate a bill for that.

 

[audreyh1]

We’ll just blame your sending institution then.

At Fidelity if I request a transfer before 4pm ET on a business day I usually see the funds available next day at the receiving institution.

But some receiving institutions can be slow. However mine almost always notify me that a deposit was received by the next day.

 

[badatmath]

I am thinking it might be the receiver cause they would not let me pay the CC bill. Maybe tomorrow.

 

[COcheesehead]

I’ve done known party transfers, transfers that I have done previously, at Fidelity and it happens within hours.

 

[Spock]

Zelle limits are set by your bank
If you ask, they will raise it. I have two different banks that let me send 2k at a time.

Did that when the first transaction failed. Nope. There is another set of limits for first time transactions with a new payee.

 

[Texas Proud]

You can read up on it... ACH is Automated Clearing House... it is bank to bank BATCH transfers...


Your bank will make a tape of all the transfers that they want to do and send it to the clearinghouse (it might be an electronic file now)... the clearing house runs all the 'tapes' and there is a NET transfer of money between banks... the receiving bank gets a file to update their records..


It can take awhile because your bank might not process timely... you could have just missed the cutoff and have to wait a day (or two) for their next transfer... and the receiving bank might not run it in a timely manner...


Do not confuse it with billpay... now a lot of billpay is an ACH to a vendor but it is not required... I still have some that the bank cuts and mails an actual paper check..

 

[disneysteve]

Zelle is worthless for paying for anything bigger than dinner.

Our daughter uses Zelle to pay us her rent every month of $200.

I use Zelle to transfer money from my mom to me to reimburse me for shopping and meds and stuff. She just sent me $850 a few days ago.

Zelle definitely isn’t just for little things.

 

[badatmath]

My ACH is to the same bank I moved money to a few months ago so it should be recognized as legit right off the bat I would think. Oh well maybe tomorrow.