A Bank Routing Number is a 9 digits bank code used in the US. The number appears in the bottom of every negotiable instrument such as checks, drafts, etc. Any financial institution can be identified by the 9 digits number. This code helps for sorting, bundling and shipment of paper checks back to the drawer’s bank account. This number is used to facilitate the electronic routing of funds (ACH transfer) from one bank account to another.
Bank Routing Number is also used by the Federal Reserve Banks to process wire transfer and by the ACH payment processing to deposit directly to the merchants account. Bank Routing numbers depend on the type of transaction made. Every transaction has a unique routing number.
The easiest way to identify bank routing number is to open your checkbook and look at the bottom of the check, you can find at the right hand side of your account number it’s just 9 digits. You can easily set up direct deposit for your paycheck, or you set up an automatic payment plan for your monthly bills.
Routing Number verification is very important in the check processing. If you need to verify the validity of a bank routing number or you need routing number verification, lot of tools are available free of cost online. Every bank routing number used in the ACH system can be searched online. Most of the tools are totally free and it is updated every working day.
The Automated Clearing House (ACH) is an electronic payment delivery system which allows you to make payments or collect funds electronically through the ACH network. ACH payment processing online gives you better control over the timing of payments that post to your bank account(s). ACH transactions are usually next-day entries when exchanged with other financial institutions. ACH functions include direct deposits and check conversions from paper checks to electronic.
ACH Transfer| ACH Credit | What is ACH?
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Friday, July 1, 2011
ACH transfer is one of the easiest and quickest ways to transfer money throughout the world. If you are looking for an urgent business payment, ACH transfer is the best way to transfer fund. You can transfer money to every part of the globe without visiting your bank to initiate the transfer.
If you visit a bank to transfer fund you need to stand in a queue in order to initiate a fund transfer. ACH transfer is one of the best ways to transfer money because you can initiate a transfer at your own convenience from home or anywhere else that is convenient for you. All you need to initiate the transfer is a computer with a basic internet connection and an ACH account with a bank or a reputed financial organization.
To transfer fund from your bank account you need to initiate ACH transfer from your online ACH account and request the bank to perform an ACH debit of the amount you want transfer and credit it to the intended receiver’s bank account.
ACH transfer is one of the oldest ways to transfer money since 1970’s and it works as a mediator to transfer money. Generally ACH processing software require 42 to 72 hour to be completed because ACH transaction are done in bulk batch files and the bank will only activate automated clearing house transfer at a fixed a date.
Most of the bank will charge a fee to transfer fund by means ACH transfer, the fee is quite cheaper compare to wire transfer.
If you visit a bank to transfer fund you need to stand in a queue in order to initiate a fund transfer. ACH transfer is one of the best ways to transfer money because you can initiate a transfer at your own convenience from home or anywhere else that is convenient for you. All you need to initiate the transfer is a computer with a basic internet connection and an ACH account with a bank or a reputed financial organization.
To transfer fund from your bank account you need to initiate ACH transfer from your online ACH account and request the bank to perform an ACH debit of the amount you want transfer and credit it to the intended receiver’s bank account.
ACH transfer is one of the oldest ways to transfer money since 1970’s and it works as a mediator to transfer money. Generally ACH processing software require 42 to 72 hour to be completed because ACH transaction are done in bulk batch files and the bank will only activate automated clearing house transfer at a fixed a date.
Most of the bank will charge a fee to transfer fund by means ACH transfer, the fee is quite cheaper compare to wire transfer.
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