ACH transfer is a payment made over the ACH (Automated Clearing House) network between bank accounts.
ACH transfer is commonly used for things like direct deposit or auto bill pay, and by businesses for online, business-to-business (B2B), and direct debit transactions.
To make payments to your active loans with Credit Key, we use the following ACH type:
- Direct Withdrawal via ACH: used to withdraw funds from an account.
In order to withdraw payments via ACH transfer, the payer's bank account and routing number are needed.
Please note that an ACH routing and account number (paper/electronic) may be different from wiring bank details depending on your banking institution.
Important: Payments drafted via ACH withdrawals take 2-3 business days to be processed and reflected in your Credit Key account, and these payments cannot be expedited 💸