Quote:
Originally Posted by webmasterchecks
Wts ben or anyone, I respectfully ask you to correct any of the above
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Sure. I will be happy to clarify some of the points in this thread.
Quote:
Originally Posted by **********
An e-check payment is "cleared" by the processor before the funds are withdrawn from the bank account which takes as long as 5 days.
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Quote:
Originally Posted by webmasterchecks
you have to submit the check and wait for it to clear or bounce, which may take a week.
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How ACH works -
ACH is a batch file system where the debit to the consumer?s account is initiated at any of the FED windows during a given banking day or on any subsequent banking day.
RDFI?s (the consumer?s bank) have 2 business days to return the item. Return reasons are things like insufficient funds, account closed, invalid accounts, etc. In addition, unauthorized returns (charge-backs) can come in later.
ACH items do not ?clear?. They are either returned by the RDFI or they are not.