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Why Is ACH Slower At Some Places Than Others? [The Finance Buff]

Sunday, January 31, 2010 - 7:05 AM
The Finance Buff blog has a good review of ACH transfers and why they sometimes take so long. I know some are suspicious that banks may be making money off the float when the transfer takes several days with a couple of days of missing interest. This blog post doesn't go into those details, but it does mention some possible reasons for the delay such as risk management. That's the main reason that I've been told by managers at a few banks and credit unions.

What's your idea of why some banks take so long completing an ACH transfer? And what's your favorite bank or credit union for fast ACH transfers?
Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
Rep Points: 125,708
1. Sunday, January 31, 2010 - 10:31 AM
So far, I've found that Amex Personal Savings has had the fastest ACH with late cutoffs and next day posting.
mschoenfmschoenf5 posts since
Jan 15, 2010
Rep Points: 32
2. Sunday, January 31, 2010 - 6:46 PM
SFGI Direct's ACH transfers are completed by the next business day, for both deposits and withdrawals. By the way, I linked six external accounts before they restricted the number of linked accounts to only one, and fortunately still have all six links active.
AnonymousAnonymous2,282 posts since
May 9, 2010
Rep Points: 3,959