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[Discussion] What is the type of bank that takes longer to process transactions due to having to send it to an intermediary or something?

July 14, 2020 at 10:10PM

How do I find out if a bank I'm looking to open a business account with can submit ACH payments on their own.

I don't know the term for it but I had a previous bank that took an extra day to process transactions because they had to send it to Well's Fargo to process or something. So transactions took 4 days instead of 3.

If anyone knows, or can tell me what the name is for the type of bank I'm talking about, or even a link to something because I can't figure it out through Google I'd appreciate it.

submitted by /u/notgonnagivemyname
[link] [comments] via Savings, Checkings, CDs, oh my!

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