The ACH network is akin to a postal service for electronic funds, providing a secure and cost-efficient way to transfer money, albeit slower than other methods.
The ACH transfer network, managed by NACHA, connects around 11,000 financial institutions in the U.S., ensuring efficiency and reliability in processing electronic payments.
ACH credit transactions, such as payroll, must be completed within two business days, while ACH debit transactions, like bill payments, are processed within one business day.
The processing times for ACH transfers offer consumers an affordable solution for electronic payments, balancing cost-effectiveness with the need for slightly longer transaction periods.
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