Banking Definitions

ACH

Each day, banks and corporations all over America gather ACH (Automated Clearing House) withdrawal and deposit requests into batches and send them to the centralized Automated Clearing House at set times. From there, the Clearing House sends the credit or debit transaction requests out, generally the following day. This system isn't the fastest. It can sometimes take several days for a payment or a deduction to clear. However, this is a low-cost system (most ACH transfers are free or only a few cents per transaction). It is one of the only USD domestic payments always to be credited in full.

Same Day ACH

Each day, banks and corporations throughout America submit ACH (Automated Clearing House) withdrawal and deposit requests to the centralized Automated Clearing House at multiple set times. Same Day ACH allows these batches to be processed and settled the same business day, typically within hours. Unlike standard ACH, which generally takes one to three business days, Same Day ACH delivers faster fund availability. However, Same Day ACH does come with modest per-transaction fees, whereas standard ACH transfers are typically free or cost just a few cents.

Domestic wire

Domestic wire transfers allow funds to be sent electronically between US bank accounts through the US domestic wire network, using the beneficiary bank’s ABA routing number and account details. Unlike ACH payments, domestic wires are processed individually rather than in batches and are typically credited on the same business day, subject to the sending and receiving banks’ cut-off times.

For CRB accounts, domestic wire payments are supported using the designated wire ABA routing number. The flow is strictly domestic, meaning the payment must originate through the US domestic wire network; international wire or SWIFT payments are not supported. Domestic wires generally carry higher transaction fees than ACH but provide faster and more direct settlement.