I work with merchants and most are overnight as long as it hits the appropriate timeframe, some do experience 3-5 days delay, typically 3 though.
But yes please provide those "technical details" whenever you have a chance.
https://www.frbservices.org/assets/financial-services/ach/09...
So your bank is being optimistic and giving you a credit, assuming that no return will happen. A pessimistic or cautious bank would really have to wait several business days to ensure no returns happen before crediting your account.
[1]: https://engineering.gusto.com/how-ach-works-a-developer-pers...
Ask anyone on the street when they can get the money from their paycheck direct deposit. Unless they just opened their account, they are not waiting days.
That’s because payroll isn’t sent the day of your payday. Go ask the person who handles payroll at the company you work for, they don’t submit it the day of payday (or even usually the day before). It’s normally submitted several days in advance.
Not to get in a pissing match, but you are the one confusing unrelated things. There’s a reason I’m getting upvoted and you are being downvoted.
1) for credits, the RDFI doesn’t place holds on the funds (except in very unusual circumstances). So your apology here is flawed.
2) read the link provided by @ad_hominem, it very clearly and eloquently explains the time lines involved, by a company doing payroll. Better yet, read the whole series of posts they wrote. (Part 1/2 are linked at the top of the article).
In general, try to understand that your personal experiences might not reflect the “way things work”. There are folks on HN who have generally “been there, done that, have battle scars to prove it” (like me in this specific case) for many topics and you’d be wise to keep an open mind rather than keep fighting against them when they are trying to help you understand.
And using ACH delays as an excuse for why people can't get money out of Bitcoin quickly-- the original context of this thread-- is completely disingenuous.
I must have missed where you said that. You said I was likely mistaking ACH for wire transfer because mine were happening that fast.
The point stands that "inherent delays" in the ACH system are negligible, on the order of hours.
I reacted strongly to the person claiming otherwise because it was presented as an excuse for people not having access to their money quickly. If people are being told they can't get their money because of "ACH delays", "check is in the mail", "clogged tubes", or whatever, they should not be afraid to call BS!
Which has been repeatedly called out as wrong with proof in this thread, but you won’t listen. Have an enjoyable life!
Bank can revert ACH in case of a book keeping error (there was no ACH).
It can revert ACH in case of a fraud (someone at the bank committed fraud). ACH was not originated by the customer.
It can revert ACH in if it gets a court order.
It cannot revert ACH because Sally did "oops".
Source: SVP of compliance of a very large bank sitting next to me.
> It cannot revert ACH because Sally did "oops".
Quite a few of the defined ACH return codes[0] seem to be loosely in the “oops” you said wasn’t possible.
a) first response b) bank-to-bank journaling based on the bank to bank agreement.
But dont look at me - just try doing it and see how successful you would be.
However I still think it's accurate to not think of the funds as fully clearing for several days given the nature of the protocol, and that regulation simply forces the banks to be "optimistic" in giving a next-business-day credit.
Per Title 12 → Chapter II → Subchapter A → Part 229 → Subpart B → §229.10b(1), in general a bank shall make funds received for deposit in an account by an electronic payment available for withdrawal not later than the business day after the banking day on which the bank received the electronic payment. [0]
So reading that there are several observations.
- first, they say in general, emphasis theirs, and don’t define exceptions explicitly.
- next business day, so that means they are perfectly allowed to be two days delay for a payment initiated by Wednesday night, or up to five days for one initiated Thursday night (Thursday send, Friday received but held, Monday being next business day). If Monday is a bank holiday, then it could even be six days!
- in (2)(i) they further go on to state Payment in actually and finally collected funds. There are a number of reasons that could be delayed.
Ultimately, saying an ACH should always be by next morning is just flat wrong and no amount of experience with your own personal transactions negates that.
https://www.ecfr.gov/cgi-bin/text-idx?SID=b82e479da1df29eaa4...
You are mistaking ACH for wire transfer (or are not aware of the good faith credit your bank provides). There’s three main ways to send money between accounts:
- wire transfer with immediate delivery
- wire transfer with next day delivery (likely what you are mistakenly thinking is ACH)
- ACH which takes the previously mentioned several days (for making sure there isn’t a return for reasons other than stolen account). ACH is essentially “writing a check, sans paper”.
The first two are essentially direct bank-bank transfers. The latter goes through a clearing house as described and has a clumsy (in modern terms) process with lots of unneeded delays.
Banks will many times credit the money to your account much faster, but they do that for two reasons.
- they have an existing relationship with you and know your risk profile
- they sometimes also send an electronic request to the other bank confirming fund availability. Not all banks support this, but when they do, generally banks will overlook some extra risk from the previous bullet (as in, you don’t have available funds to claw back).
Happy to provide much more technical details if you insist, but Google could trivially do that for you.
> Anyone claiming there are large inherent delays in that setup is full of baloney.
No need to be derogatory towards others stating facts to you.