In the United States, ACH transfers are a common method for sending and receiving money between bank accounts. Here’s a quick guide on how to use ACH transfers with MAJORITY.
What is an ACH transfer? An ACH transfer is a way to move money electronically between bank accounts within the U.S.
How do ACH transfers work? When you initiate an ACH transfer, money moves from one bank account to another through the ACH network. You’ll need to provide your bank’s routing number and account number, as well as the recipient’s details. You can find your MAJORITY account information in the settings section of your app.
How long does an ACH transfer take? ACH transfers generally take 3 to 5 business days to complete, depending on factors like the time of day, weekends, and holidays.
Deposit limits in MAJORITY:
$1,000 per transaction
$2,000 per day
$5,000 per month
How to deposit money into your MAJORITY account:
ACH Bank Transfer:
Open your MAJORITY app.
Go to the "Add Money" section and select "Bank Transfer."
You’ll be directed to a Plaid interface where you can select your other bank and log in to complete the transfer.
Can I receive ACH transfers from other banks with MAJORITY? Yes, you can receive ACH transfers from other banks directly into your MAJORITY account. Share your MAJORITY routing number and account number with the person sending the money. You can also do this by logging into the online platform of your other bank, going to the transfers section, and entering your MAJORITY account details (routing number and account number) to initiate the transfer. You can find your MAJORITY account information in the settings section of your app.
Can I send money to other banks using ACH with MAJORITY? Currently, you can receive ACH transfers in your MAJORITY account, but you cannot send money to other banks using ACH directly from your MAJORITY account.
Are there any fees for receiving ACH transfers with MAJORITY? No, there are no fees for receiving ACH transfers in your MAJORITY account.
That’s it! You can start using ACH transfers to fund your MAJORITY account.