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Does Creation Of An ACH Automatically Create Two-Wat Transfers?

dnc2933
  |     |   11 posts since 2016

I have two bank accounts (two separate banks). I set up an ACH whereby Bank A sent two small deposits to Bank B, I entered the amounts, and the transfer account was cleared (set up to move funds from B to A). Did that action automatically create a transfer ACH approval for two-way transfers in the future for both banks? Or, must I now go to the other bank and create an ACH to move money to that bank from the other?

So, the question is really, "Does creation with one bank automatically create transfers with both banks"?

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Answers
Anon1234
  |     |   114 posts since 2010
The short answer is No.

You linked Bank A to Bank B. Bank A sent the two small deposits to Bank B. You accessed your account at Bank B, noted the amounts of the deposits, and then logged into your account at Bank A to verify the amounts. You can now log into your account at Bank A and initiate either a request to send funds to Bank B or to pull funds from Bank B.

If you want to be able to do the same from your account at Bank B (log into your account and Bank B and either request to send funds to Bank A or to pull funds from Bank A) you have to do the same process at Bank B.

This does not
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7
Anon1234
  |     |   114 posts since 2010
Ken, please bring back the edit feature !!

Please replace "this does not" with: Linking Bank A to Bank B so that you can login to your account at Bank A and send / request funds from your account at Bank B does not automatically grant you the same capability at Bank B.
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6
Ricochet
  |     |   522 posts since 2010
Copy, Edit, Paste, works as well
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1


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