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Wednesday, September 19, 2012

Automated Clearing House

Automated Clearing House an internet payment solution



ACH or Automated Clearing House


ACH or Automated Clearing House is a network for electronic financial transactions that allows money to be transferred to any U.S. bank account. Incoming Automated Clearing House transfers is called Direct Deposit. ACH withdrawals are free of normal bank charges. In order for anyone to withdraw money from ACH account, a W-9 form must be filed in order to activate ACH or Automated Clearing House withdrawals.

People living outside the U.S., but have a US bank accounts, cannot use Automated Clearing House as a means of withdrawal method. Some banks only permit ACH withdrawals if a client is eligible to file a W-9. Unfortunately, some online work at home agencies does not accept a W-8BEN to file in place of the W-9.

ACH withdrawals usually arrive in a bank account in two to five business days. Processing times may vary significantly from financial institution to another financial institution (bank to bank). It is dependant to your bank how long it will take for your funds to clear; the funds may be available right away or held for processing purposes overnight.

ACH withdrawals are independent of any fees or any other cost, meaning that they are completely free for any who qualify. Neither the online work agency nor your financial institution will charge a fee for this type of withdrawal. Howbeit, ATM fees may apply when withdrawing money from a bank