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The difference is reversibility. ACH never settles, it just hasn't returned yet. There's a 60 day window for ordinary not authed returns, and even past that in
by wiredfool 11y ago
The difference is reversibility.
ACH never settles, it just hasn't returned yet. There's a 60 day window for ordinary not authed returns, and even past that in cases of fraud. ACH is also push or pull, you can push money or the person you're paying can pull. (Or paychecks. A lot of paychecks are run over ACH). There are limits on ACH, depending on what you're doing its anywhere from 2.5k to 25k to $10^8.
Wires are nearly irreversible. Once you send the money, it's Gone. So the banks have a lot more documentation that they do for retail customers. Wires are push only.