Are ACH transfers safe?

[roach7]

I just received an ACH transfer instead of a wire transfer. Is this just as safe? Do I need to be concerned?

Thanks.

[Lgear080]

Enlighten me re the acronym ach and what this is exactly

[roach7]

Automated Clearing House, like direct deposit

[MROElectric]

They're pretty similar (both EFTs). The only thing I can tell you to watch out for is that an ACH transfer usually takes longer to process than a wire transfer. Don't ship anything out until you confirmed with your bank that the funds have cleared and can't be cancelled.

[mjclark32]

Originally Posted by MROElectric

They're pretty similar (both EFTs). The only thing I can tell you to watch out for is that an ACH transfer usually takes longer to process than a wire transfer. Don't ship anything out until you confirmed with your bank that the funds have cleared and can't be cancelled.

ACH's can be pulled, let it sit in your account a few days, believe its three days, then you should be good to go.

[roach7]

Excellent advice, I will let the funds sit for a few days. Thanks.

[thor_rider08]

It is a 3 day wait to clear and that should be 3 business days. Just make sure it clears in your account before you ship anything. The person sending should be aware of this as well and not have an issue with the timeframe.

[Lgear080]

Huh. Haven't experienced these before. Why use this instead of a standard wire?

[waQstar]

Originally Posted by roach7

I just received an ACH transfer instead of a wire transfer. Is this just as safe? Do I need to be concerned?

Thanks.

Henry, some people do ACH transfer to save on outgoing wire transfer fees.
I would wait a minimum of 5 business days from the date it is completed in your account not from the notification date.

[alexthegreat123]

I thought ACHs could be reversed at any time... I would not accept it unless I have strong recommendations about buyer.

[MonBK]

I had one reversed 2 weeks after deposit.

[MROElectric]

Originally Posted by MonBK

I had one reversed 2 weeks after deposit.

Good to know. I definitely won't be accepting this form of payment ever.

To the OP, why did the buyer want to use ACH over a traditional wire transfer?

[roach7]

Originally Posted by MROElectric

Good to know. I definitely won't be accepting this form of payment ever.

To the OP, why did the buyer want to use ACH over a traditional wire transfer?

I asked for wire and the buyer sent ACH instead...

[roach7]

Originally Posted by MonBK

I had one reversed 2 weeks after deposit.

So how should I reject the ACH payment and insist on wire? Thanks.

[train-time]

I would have to personally know the buyer with this method of payment. It's not far off from those stories you hear about a deposit credited to your bank account and being charged back several days later.

[alexthegreat123]

Ask buyer to reverse/stop the payment. DO NOT send money back yourself. Kindly ask to re-send via wire transfer as per your agreement.

[Cc1966]

Originally Posted by alexthegreat123

Ask buyer to reverse/stop the payment. DO NOT send money back yourself. Kindly ask to re-send via wire transfer as per your agreement.

^^^ This.

[roach7]

Originally Posted by alexthegreat123

Ask buyer to reverse/stop the payment. DO NOT send money back yourself. Kindly ask to re-send via wire transfer as per your agreement.

I will try this, thank you!