What is ACH and how does it work?
ACH (Automated Clearing House) is an electronic network used by banks to facilitate electronic payments and money transfers between customer accounts. Base8 users can link their U.S. based bank accounts via Plaid to initiate and manage ACH transfers for funding their Base8 accounts and for withdrawing USD.
How do I link my bank account for ACH transfers with Base8?
Linking a US based bank account for ACH transfers is simple and easy:
Click on the "Deposit" button on the home page, or go to Account Settings and click on "Deposits & Withdrawals."
Click on "Link Your Bank Account".
Go through Plaid’s verification process by submitting your phone number and any other required information, and/or by logging into your bank.
Once verified and approved, you can click the "Deposit" button on the home page, or go to Account Settings and click on "Deposits & Withdrawals” and simply enter the amount you want to deposit or withdraw.
Are there any limits on ACH deposits?
Yes, there is a $5,000 weekly ACH deposit limit. This limit resets every Sunday at midnight UTC. Any ACH deposit request exceeding this limit will be rejected.
How long do ACH deposits take to process?
ACH deposits typically take 2-5 business days to process depending on your bank and the time when the ACH was initiated.
Can I cancel an ACH deposit after it has been initiated?
Yes, you can cancel a pending ACH deposit. Go to Account Settings, click on "Account Activity & History," and then click on "Cash." Here you can see both completed and pending deposits and withdrawals. If the transfer is not yet completed, you can submit a cancellation request by contacting customer support. The transaction status will be updated once the cancellation is processed.
What happens if my ACH deposit fails?
If an ACH deposit fails, your access to ACH transfers may be restricted. Repeated failures could result in further restrictions.
How do I view my ACH deposit limits and history?
You can view your current ACH deposit limits and transaction history in the “Account Activity & History” section of the Base8 app. This will include details on past transactions, including amounts and statuses.
Is ACH available for all users of Base8?
ACH transfers are available only to users with U.S. based bank accounts who have completed the necessary onboarding and verification steps. Non U.S. bank accounts are not eligible for ACH transfers.
How do I remove a linked bank account from my Base8 account?
To remove a linked bank account:
Click on the "Deposit" button on the home page, or go to Account Settings and click on "Deposits & Withdrawals."
Click on the box that displays your existing bank account
Link another bank account or simply click the trash can icon
Once unlinked, you will need to go through the verification process again in order to re-link it.