Top Best Banks That Accept ACH Transfers In US

What are the best banks in US that accept ACH transfer? So many people have been asking them selves this question. Well Mr Make Money online will guide you through the best banks that accept ACH Transfer in US. You can actually use several methods to transfer money to other banks using your bank account, and of which the ACH is one of the ways or methods. You can also use other methods such as Wire transfer or direct deposit. For wire transfers, you can use money transfer agents such as Wise, Zelle, Western Union, and MoneyGram, among others. An ACH transfer is slower than wire transfers, but experts and specialist argue that it is rather more secure. This however brings us to our topic of today "The Best Banks That Accept ACH Transfers In US".

1. Bank of America
2. Bank of the West
3. BankPlus (MS)
4. Bank of the Ozarks – Personal
5. Bank of the Cascades
6. Union Bank & Trust (WI) – Personal
7. Union Bank & Trust Company (NE) – Personal
8. BB&T
9. BBVA Compass
10. Bank of America
11. Bank of the West
12. Bluebird by American Express
13. BankPlus (MS)
14. Bangor Savings Bank
15. Beneficial Bank – Personal
16. Capital One
17. Charles Schwab
18. Chase
19. Citi
20. Citizens Bank
21. Dubuque Bank and Trust
22. Denison State Bank
23. Fidelity
24. First Tennessee
25. First Hawaiian Bank
26. First-Citizens Bank
27. GoBank
28. Gate City Bank – Personal
29. Golden Plains Credit Union
30. Gulf Coast Bank & Trust Company – Personal
31. Glens Falls National Bank and Trust Company – Personal
32. German American Bank – Personal
33. Huntington Bank
34. HR Block Emerald Card
35. Heritage Oaks Bank
36. IBERIABANK
37. IH Mississippi Valley Credit Union
38. IU Credit Union (Indiana University)
39. Illinois Bank & Trust – Personal
40. Inwood National Bank
41. Jacksboro National Bank
42. Liberty Bank (CT) – Personal
43. Liberty Bank and Trust – Personal
44. Nevada State Bank – Personal
45. Navigant Credit Union
46. Old National Bank
47. Ocean City Home Bank
48. Police and Fire Federal Credit Union
49. Potlatch No 1 Federal Credit Union
50. Pioneer Federal Credit Union
51. Pen Air FCU
52. Pinnacle Bank (TX) – Personal
53. PrimeWay Federal Credit Union
54. Skylight Visa Prepaid Debit Card
55. SAFE Credit Union (CA)
56. State Employees Federal Credit Union
57. San Francisco Fire Credit Union
58. Service Credit Union
59. Schools Financial Credit Union
60. Southside Bank of Tyler, Texas
61. Scott Credit Union
62. TD Bank
63. Teachers Credit Union (IN)
64. US Bank
65. USAA
66. Union Bank
67. Umpqua Bank – Business
68. Union Bank & Trust (VA) – Personal
69. United Heritage Credit Union
70. Velocity Credit Union (Austin, TX)
71. Vantage West Credit Union
72. Valley National Bank (NJ)
73. CA Valley First Credit Union
74. Valley State Bank (Syracuse, KS)
75. Wells Fargo
76. Walmart Prepaid MoneyCard
77. Webster Bank
78. Wood & Huston Bank
79. Westbury Bank – Personal
80. The Washington Trust Company
81. Xenith Bank – Personal
82. Xceed Financial Credit Union
83. Xplore Federal Credit Union
84. Zeal Credit Union

ACH meaning Automated Clearing House. It is an electronic bank transfer method that facilitates funds transfer, just like a Visa, Mastercard, or American Express. It is however very necessary to have in mind that ACH transfers happen within the US under the management of Nacha, which was initially called NACHA (National Automated Clearing House Association). It is also known as the ACH network or ACH scheme. The transfer method is so old and existed in the 1970s.

What is ACH Transfer? 

The ACH payments usually involve two categories that is the direct deposits and direct payments. Direct deposits cover payments from businesses and government to consumers, while direct payments can be payroll, government benefits, employee expense reimbursement, tax and other refunds, interest payments, and annuities. Direct payments refer to transfers to payments made by individuals or organizations when purchasing something from a business.

What are the types of ACH transfers?

ACH types should not be confused with ACH categories which I have just discussed above. We have two types of ACH transfers, these include the following.

• ACH credits
• ACH debits

For the ACH credits, money is deposited into your bank account from another account. This therefore means that your balance shifts upwards. You can arrange for an automated ACH credit transfer from your employer or government agencies

On the other hand, ACH debits refer to ACH transfers from your bank account. That means your balance shoots downwards after such a transaction. You can allow automatic monthly payment from your account to your water supplier, Electricity Company, or internet Service Company every month in such that you do not have to initiate the payment manually. That way, your account will be debited.

In other words, ACH credits involve funds being pushed into an account, while ACH debit means that funds are being pulled out of an account. When carrying out transfers using either type, you transfer money using the recipient’s routing number and account number.

How long do ACH transfers take?

ACH payments may take three days or more working days to complete. Various reasons determine the time you will get your funds. The time of the day you submit your transfer request determines the time taken for an ACH transfer to complete.

Take for instance, if you submit your request past the working hours of a bank, the transaction request will appear as initiated the following day. Likewise, if you initiate a transfer on a weekend, your transaction processing will begin next Monday.

The currency used may also affect the ACH transfers to a greater extent. How do I mean by this? if you use a domestic currency to move your money, then there is a greater possibility that the transfer will complete faster and vice versa.

Is ACH faster than wire transfers?

Just as mentioned earlier above, ACH transfers are slower compared to wire transfers. However, they are a bit secure. The wire transfers are instant, meaning that once you move money from your account to another bank’s account, the funds move to the account instantly.

Therefore, the funds are not reversible. That is why people argue on the fact that wire transfers are not as safe as ACH transfers because you cannot reverse a transaction. You are done unless the recipient returns the money if you transfer funds to the wrong account number using wire transfers.

ACH transfers stay pending for some time, and during that period, you may wish and decide to cancel the transaction you made. The time the funds stay pending gives the concerned officials time to review the transfers. Despite being slow, ACH transfers are the best to transfer money to someone else’s bank account because of the security involved and like the say security is the first thing to consider.

What are the advantages of ACH transfers?

Without living out the advantages of ACH transfer, there are however several advantages of ACH transfers that you may not get with other types of money transfers. They include the following.

1.  Low cost

Banks charge low fees on ACH transfers. Other institutions may not charge you any money to transfer money via an ACH. The median internal cost for ACH payment processing is $0.29. Therefore, you will be able to save a substantial amount of money that you could have wasted with other transfer methods. ACH transaction costs for large amount transfers are usually low as compared to low amount transfers.

2. Secure

Just as mentioned above, ACH transfers are secure because they pass through the clearinghouse. The time is taken for the transaction to complete enabling you to cancel any wrong transaction or in case of any change of mind. That way, you can save money that you would have lost if transferred to the wrong recipient.

3. Open to anyone

ACH transfers are open to anyone in the US. Consumers and businesses can use the transfer methods to avail money to the intended account.

>>>Note that ACH transfers take a long time to complete and may not be suitable to transfer funds for emergency cases.<<<

What are the significant differences between ACH and Wire transfers?

There are differences associated with the two types of transfers. They include the following.

• ACH transfers take several days to complete, while wire transfers take place in real-time. As soon as you initiate the transfer, the recipient can get their funds without waiting for long. Some financial companies can accept ACH payments instantly once the clearing house releases the funds to them. A good example is Cash App which avails money as soon as they receive them.
• Wire transfers are expensive compared to ACH transfers. You can pay $25 per transaction when carrying out a wire transfer. International transfers can even cost more than $25. On the other side, ACH transfers attract low fees.
• Wire transfers are directly handled by banks themselves, while the Automated Clearing House carries out ACH transfers.
• ACH transfers are more secure compared to wire transfers.

Can one use an ACH transfer to move money from a prepaid card to a bank?

Prepaid cards enables you to move money to a bank account. But the question is can you transfer money from a prepaid card to a bank account using the ACH transfer method? Well, since a prepaid card is taken as an independent bank, you can move money from a prepaid card to a bank account using the ACH transfer method.

I know you may some how be wondering and asking your self what a prepaid card is. A prepaid card is a payment card that enables you to recharge money and use it for several transactions. The card does not connect to any bank account whatsoever. However, you may add it at will. Prepaid cards operate the same as debit cards, although debit cards must link to a checking account of a bank or credit union.

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Conclusion On The  Top Best Banks That Accept ACH Transfers In US

ACH transfers as mentioned above is an Automated Clearing House. It is an electronic money transfer system that allows you to transfer money from one bank to another. ACH transfers are cheaper compared to wire transfers. However, they take a long time to complete and are cheaper compared to wire transfers.

In addition to this, ACH transfers are secure compared to wire transfers. While the Automated Clearing House handles ACH transfers, wire transfers are handled by the concerned banks.

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