ACH Bank Wire Transfer of Money: Credit, Debit, Online Payments
What is ACH Payment, Automated Clearing House
Automated Clearing House (ACH) is a network of banks and financial institutions for debit and credit electronic financial transactions in the United States. ACH payments include: direct deposits, payroll and vendor payments.
Transfer Money Online, Electronic Funds
ACH money payments and wire transfers are an easy and secure method to transfer money online. These electronic fund transfers from bank account to bank account offer the convenience of sending money from anywhere to anywhere.
ACH Debit Payments: Withdrawals
Electronic funds withdrawals or direct debit payments are sent by the person who owes money. This debtor is the one who sends the payment through an ACH wire transfer.
ACH Credit Payments: Deposits
Electronic funds deposits or direct credit payments are sent by the person who is owed money. This creditor is the one who receives the payment through an ACH wire transfer.
How To Transfer Money from Bank to Bank Account
For an ACH bank transfer, you will need the following information to complete the Electronic Funds Withdrawal transaction:
â€“ Amount of money being transferred.
â€“ Routing Number (RTN): This number is a 9 digit number and identifies a specific bank.
â€“ Account Number (DAN): This number can be up to 17 digits and identifies the specific bank account of the person receiving the money.
If you are sending the payment, work with your financial institution using the information required from above. Typically, if the payment date requested is a weekend or bank holiday, the payment will be withdrawn on the next business day. The payment amount will be debited in a single transaction. No recurring or partial withdrawals will be made. Receiving Depository Financial Institution (RDFI) is the bank receiving the electronic funds. Originating Depository Financial Institution (ODFI) is the bank sending the electronic funds.