To make an ACH transfer, you'll generally do so through your bank's online banking platform or mobile app. Here's a breakdown of the typical steps:
Steps to Initiate an ACH Transfer:
-
Log In: Access your online banking portal or mobile app using your credentials.
-
Find the Payment/Transfer Option: Look for options like "Bill Pay," "Transfer Funds," "Make a Payment," or similar wording. The exact name varies by bank.
-
Add the Recipient (if needed): You may need to add the recipient's information before initiating the transfer. This usually involves:
- Recipient Name: The name of the person or business you're paying.
- Routing Number: The recipient's bank's routing number. This identifies the financial institution.
- Account Number: The recipient's bank account number.
-
Enter Transfer Details: Provide the following information:
- Amount: The amount of money you want to transfer.
- Currency: Specify the currency (usually USD for US accounts).
- Date: Select the date you want the transfer to occur. You can often schedule transfers for a future date.
-
Review and Confirm: Carefully review all the information you entered to ensure accuracy. Confirm the transfer once you are certain everything is correct.
Important Considerations:
- Verification: Some banks require you to verify the recipient's account, often by sending a small test deposit. This may take a day or two.
- Fees: Some banks charge fees for ACH transfers, while others offer them for free. Check your bank's fee schedule.
- Limits: Banks often have daily or transaction limits for ACH transfers.
- Security: Ensure you are using a secure internet connection when making ACH transfers.
- Cut-off Times: Be aware of your bank's cut-off times for initiating transfers. Transfers initiated after the cut-off time may not be processed until the next business day.
- Reversibility: ACH transfers are generally not reversible once processed, so double-check all details before confirming.
