In the United States, the main way of receiving or sending money from one bank account to another, also called a bank transfer, is via ACH. Read on to understand all about ACHs and how they work at Comun!
What is an ACH transfer?
An ACH transfer is a method of electronically moving money between bank accounts within the United States. ACH stands for Automated Clearing House, which is a network that facilitates these electronic transfers securely and efficiently.
How do ACH transfers work?
When you initiate an ACH transfer, the money moves from one bank account to another bank account via the ACH network. This process involves the sender providing their bank's routing number and their account number, as well as the recipient's routing number and account number.
How long does it take for an ACH transfer to go through?
ACH transfers typically take 1-2 business days to process. The exact timing can vary depending on factors such as the time of day the transfer was initiated, weekends, and holidays.
Can I receive ACH transfers from other banks with Comun?
Yes, you can! Comun allows you to receive ACH transfers from other banks directly into your Comun account. This means that if someone owes you money or you're getting paid for a job, you can have the funds sent straight to your Comun account. You will have to share with routing and account number with the person who will send you the payment. If you want to transfer funds between another bank account and Comun, you can transfer the funds using your Comun account and routing number.
If you want to receive your salary, you will have to set up a direct deposit. This is easy, just go into your app, click on set up direct deposit, and follow the instructions!
Can I send money to other banks using ACH with Comun?
Currently, you can receive ACH transfers into your Comun account, but you can't send money to other banks using ACH directly from your Comun account. However, you can move money from your Comun account to a different bank account if you add your Comun account details in your other bank. To verify your Comun account, your other bank may make a small verification transfer to your Comun account, which you will have to confirm.
We're working on allowing you to transfer money from your Comun app, so keep an eye out for updates!
Is there a fee for receiving ACH transfers with Comun?
No, there are no fees for receiving ACH transfers into your Comun account. We believe in keeping things simple and transparent for our customers!
How can I avoid fraud with ACH transfers?
To avoid fraud with ACH transfers, it's essential to safeguard your account information and only share it with trusted individuals or organizations. Be cautious of any unexpected or unsolicited requests for your banking details. Additionally, regularly monitor your account for any unauthorized transactions and report them immediately to Comun, via the chat in your app.
How can I initiate an ACH transfer to send or receive money from my other bank to Comun?
To initiate an ACH transfer from your other bank, you'll typically need to log in to your online banking account or visit your bank's website. From there, navigate to the section for transfers or payments and select the option for ACH transfers. Follow the prompts to input your Comun's banking information, including the routing number and account number, as well as the amount you wish to transfer. In your Comun app, you can find your routing and account number in the Settings section.
Review the details carefully before confirming the transfer, and be sure to double-check the accuracy of the recipient's information to prevent any errors.
That's it! You can start using ACHs to fund your Comun account.