A conventional wire transfer typically results in the same day movement of funds between bank accounts using the inter-bank payment network. For this service, you pay a premium since each transfer requires manual processing. PayClix uses secure ACH electronic bank transfers for moving funds between bank accounts.
For outbound disbursements, there’s virtually no timing difference and PayClix costs less. Transactions submitted by noon Arizona time are submitted to the Federal Reserve for clearing within an hour and will be posted to the receiving bank’s Federal Reserve account that same day. Deposits made by 7:30pm Eastern time will be cleared the following morning.
Inbound escrow deposits take an additional two banking days to be funded. This is a requirement of NACHA, the Electronic Payments Association that administers ACH payments. Before the sender’s funds can be transferred to your escrow account, the availability of funds must be confirmed by the sending bank. After the two banking days waiting period, the transaction is final and can’t be recalled by the sender. PayClix is substantially cheaper and provides the same secure, reliable transfer of funds.