ACH Timing

Eddie Davis -

FINSYNC allows you and your team, customers and vendors to move US Dollars through the ACH (automated clearing house) system. 

Payments in either direction arrive in the destination account on banking day 3. Banking days are days that the US banking system is open.  Bank Holidays

The following explains how payment is initiated and when payment will arrive in the destination account based on initiation.


Payroll

A user with "Manage" right on Payrolls must hit "Process" on a Tuesday to have funds in team members' bank accounts on a Friday.

ach1.png

 


Invoices - Customer Initiated

The customer must click the link to go to the FINSYNC payment portal and complete the ACH payment work flow on a Tuesday for you to have good funds in your default income account on a Friday. 

Payment is initiated when the customer clicks "Submit Payment." 

Money is drafted from your customer's account on banking day 1, Wednesday, in the example above.

 

 

 


Invoices - System Initiated (Auto Payment)

When you create a recurring or one-off invoice with ACH Auto Payment enabled, the send date (start date) should be a Tuesday to have good funds in your account on a Friday. 

Money will be drafted from your customer's account on on banking day 1, Wednesday, using the example above.

ach3.png


Bill Pay

You must complete either the single bill or bulk bill pay work flow on a Tuesday for your payees to have good funds in their account on a Friday.

Your account will be drafted on banking day 1, Wednesday, in this example.

ach4.png


Bank Holidays:

  • New Year's Day - January 1
  • Inauguration Day - January 20*
  • Martin Luther King, Jr. Day - Third Monday in January
  • George Washington’s Birthday - Third Monday in February
  • Memorial Day - Last Monday in May
  • Independence Day - July 4
  • Labor Day - First Monday in September
  • Columbus Day - Second Monday in October
  • Veterans Day - November 11
  • Thanksgiving Day - 4th Thursday in November
  • Christmas Day - December 25

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For the complete list of articles, return to the FINSYNC How-To Guide: (Click Here)


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