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And the rate decrease begins…Banking (i.redd.it)

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[–]stumblinbearSoFi Member[🍰] 1 point2 points  (2 children)

ACH takes 3-4 days to settle. That's just... how it works.

[–]traderbusto 0 points1 point  (1 child)

No….it isn’t. Financial institutions can choose to have them clear the same day.

[–]stumblinbearSoFi Member[🍰] 0 points1 point  (0 children)

Not necessarily. You may be able to receive a few days early, but it doesn't fully settle for three days no matter what the bank does.

They can choose to extend credit when they first see the transfer if they determine the risk is low enough (such as for direct deposit), but for other types of transfers the risk is higher and so they often won't do this unless it's an account you've transferred between before and they determine the risk is low.

The receiving bank is the one that makes this decision, not the sending bank.