What is an ACH transfer?

An ACH transfer, or an automated clearing house transfer, is a fast payment method between two different banks. A few things to note about ACHs:

• They are fast and have no fees to send on HCB
• ACHs on HCB are limited between US bank accounts
• After being cleared by HCB operations, ACHs typically arrive within 2 business days
  • HCB uses same-day ACH transfers, meaning payments should arrive in the recipients bank account on the  day they were sent out (as long as it was sent before 4:30 EDT on that day). However, sometimes the recipient’s bank will take additional time to process these payments, so please allow for two business days for the payment to be received.

Before you send an ACH transfer, you first want to make sure you have all the necessary banking and contact details of the recipient. This includes:

• Recipient's full name
• Recipient's email
• Banking details
  • Bank name
  • Routing number
  • Account number

If you cannot collective these details or if the payment recipient is uncomfortable sharing them, please consider HCB's other options for money transfers.

To send an ACH, first navigate to the Transfer page on HCB.

Then click "Send" in the upper right corner and select ACH. Then enter all the information requested.

You will see at the bottom of the screen an option to attach a receipt or invoice to this transfer. If you are paying an organization or individual for goods or services, we will need to see an invoice for the work they did. We will also need to collect the individual or organization's W9 (or W8ben) for tax purposes.

NOTE:

If you are attempting to reimburse someone, please use our Reimbursement feature. However, if a recipient cannot create an HCB account, you can use ACH transfers to reimburse them. If this is the case, please attach all relevant receipts.