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Do all banks allow ACH transfers?
Most US banks and other FIs (financial institutions) including credit unions allow ACH transfers. To send and receive ACH payments, an FI must be part of the ACH (Automated Clearing House) network, which is governed by Nacha.
Nacha releases an annual list of the top ACH originators and receivers, on which most major banks appear. Topping the list in 2022 are FIs including Wells Fargo, JP Morgan, Bank of America, Citigroup and Capital One.
ACH (Automated Clearing House) is a payment processing network that’s used to send money electronically between banks in the United States. It allows for automated, electronic debiting and crediting of both checking and savings accounts.
No, ACH and Zelle are not technically the same thing, although Zelle utilizes the ACH network. Basically, all Zelle payments are (instant) ACH payments but not all ACH payments are Zelle payments.
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