How long does it take for an electronic check to clear the bank?
Posted on Monday February 19, 2018 at 09:04AM in How it works
Electronic checks use the ACH Network to deposit or withdraw funds from a bank account. The ACH network moves $43 trillion and 25 billion electronic financial transactions each year.
Instead of writing a paper check for rent collection, money is moved quicker, safer, and easier with electronic rent payments through the ACH network.
Schedule My Rent processes ACH rent payments 7 days per week in order to move money as quickly as possible. This means that money is moved the following business day when a payment is entered by 6:00 PM ET.
|Date Entered||Date it clears bank|
Who controls the rules?
"For more than 40 year, NACHA (National Automated Clearing House Association) has served as the trustee of the ACH Network. The network requires careful development, administration and rules in order to function effectively, and NACHA provides crucial management on a daily basis.
Schedule My Rent makes rent collection quicker, safer, and easier by using the ACH network and by processing 7 days per week.
Through its collaborative, self-regulatory model, NACHA - and the more than 10,000 financial institutions it represents - facilitates the expansion and diversification of electronic payments on the ACH Network. That includes support of Direct Deposit and Direct Payment transactions such as ACH credit and debit transactions, recurring and one-time payments, government, consumer and B2B transactions, international payments and payment related-information. Through NACHA's expertise and guidance, the ACH Network is now one of the largest, safest and most reliable payment systems, creating value and enabling innovation for all participants."