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ACH uses the check clearing system (since that's exactly what they are: checks). This system was originally designed in a time when checks needed to physically
by randallsquared 17y ago
ACH uses the check clearing system (since that's exactly what they are: checks). This system was originally designed in a time when checks needed to physically move from bank to bank, and while there have been attempts to speed it up, debit cards have removed much of the pressure for making this timely.
- jakehow 17y agoCheck21 should have alleviated this but I think ACH and Check21 are separate rules systems. A bank I use (USAA) lets me scan checks and upload the image to deposit the check. Funds are available instantly (I do not know if they are lending me the funds interest free during the window, or if it is actually cleared instantly).