When someone pays you cash, you have it instantly. But if that transaction is done online, be prepared to wait days to receive it. Even direct deposits — while more timely — rely on a bank’s schedule, and processing can take days. That’s largely by design due to bank policies and the Automated Clearing House Network, which handles everyday transfers.
“The Automated Clearing House is essentially the digitalization of the way checks were handled,” says Peter Tapling, payments industry consultant and managing director at PTap Advisory LLC. The ACH Network batches and settles payments together multiple times per day, Tapling says.
Same-day ACH transfers exist, but it’s optional for banks