To make an EFT payment, log into your bank’s website or mobile app, open the transfers section, enter the recipient’s routing number and account number along with the amount, choose how fast you want the money to move, and authenticate the transaction. The whole process takes a few minutes once you have the recipient’s details in front of you. Getting those details right is the part that matters: one wrong digit can send your money to a stranger, and some transfers are nearly impossible to pull back.
Pick The Right Type Of Transfer
Before you start clicking, decide which kind of electronic funds transfer fits what you’re doing. The three consumer options differ sharply in speed, cost, and how easily they can be undone.
- ACH transfer. Runs through the Automated Clearing House network. Standard ACH takes one to three business days and is usually free. Same-day ACH is available for payments up to $1 million, though your bank may set a lower cap or charge a small fee. Good for bill pay, moving money between your own accounts, and most person-to-person payments where you can wait a day.1Nacha. Increasing The Same Day ACH Dollar Limit
- Wire transfer. Processed individually and usually completed the same business day if you submit before your bank’s cutoff. Domestic outgoing wires typically cost $25 to $30, with international wires running higher. Wires are the hardest transfer to reverse once the receiving bank accepts them, so reserve them for large or time-sensitive payments to recipients you’ve verified.
- Peer-to-peer apps. Zelle, Venmo, and PayPal let you send money using an email address or phone number tied to a linked bank account or debit card. Transfers between users on the same platform often arrive within minutes. Convenient for small payments; weaker protections than ACH or wire if something goes wrong.
Timing also depends on when you submit. The Federal Reserve’s ACH system is closed on weekends and federal holidays, so a Friday afternoon transfer may not settle until Monday or later.2Nacha. The ABCs of ACH
Gather The Information You Need
What you need depends on where the money is going.
Domestic Payments
For a domestic ACH or wire transfer you need two numbers: the recipient’s nine-digit ABA routing number, which identifies their bank, and their account number, which identifies them at that bank.3American Bankers Association. ABA Routing Number If you’re paying a company, you’ll also want a billing account number or invoice reference so the payment is credited correctly.
The easiest place to find your own routing and account numbers is on a check: routing on the bottom left, account in the middle. If you don’t have checks, both numbers appear on the account details page in your bank’s app or online portal. When you’re sending money to someone else, ask them to pull the numbers from their own bank’s app rather than reciting from memory. Transposed digits are the single most common reason transfers end up in the wrong account.
International Payments
Sending money outside the U.S. requires more identifiers. Most countries use an International Bank Account Number, or IBAN, a standardized code that identifies both the bank and the individual account in one string.4HSBC International Services Bank. What Is an IBAN You’ll also typically need the receiving bank’s SWIFT code (sometimes called a BIC), which routes the transfer to the correct institution. Your bank will prompt you for both when you select an international transfer.
Linking A New External Account
The first time you connect an outside bank account, many institutions verify ownership with micro-deposits: two tiny transactions, often just a few cents each, sent to the account you’re linking. You confirm by reporting the exact amounts back, which usually takes one to five business days. Some banks offer instant verification by letting you log into the other bank directly, which skips the waiting period.
Send The Payment Step By Step
Screens vary by bank, but the sequence is the same almost everywhere. Log in and look for a section labeled “Transfers,” “Send Money,” or “Bill Pay.”
- Pick the funding account. Choose whether the money comes from checking, savings, or a money market account. For a new recipient, you’ll enter their routing number, account number, and name exactly as it appears on their bank records.
- Enter the amount. Type carefully and confirm your available balance covers it. ACH transactions that exceed your balance may be declined and can trigger a non-sufficient funds fee.5FDIC. Overdraft and Account Fees
- Choose the timing. One-time or recurring. For one-time payments, you can usually pick between standard delivery and same-day processing if your bank offers it. For recurring obligations like rent or a loan, set a schedule.
- Review the summary. The system shows the recipient, amount, funding account, and delivery date. This is your last chance to catch a typo. A mistyped account number can redirect your money to someone else, and getting it back is difficult.
- Authenticate and submit. Most banks require multi-factor authentication at this stage, usually a one-time code sent to your phone or generated by an authenticator app. Enter the code, then submit.
Save the confirmation number or digital receipt the system generates. If anything goes wrong later, that number is your starting point for tracking the payment.
Confirm The Money Arrived
Don’t assume the transfer landed just because your bank accepted it. Standard ACH takes one to three business days to settle, and settlement happens only on business days.2Nacha. The ABCs of ACH Wires typically settle the same day if you beat the cutoff, but delays happen.
Check your statement within a few days to confirm the correct amount was deducted. If you paid a company, ask them to confirm receipt and that the payment was applied to the right invoice. If the deduction doesn’t appear in the expected window, or the amount is wrong, contact your bank right away. The sooner you report a problem, the stronger your rights under federal law.
If Something Goes Wrong
What you can do depends on the type of transfer and how quickly you act.
Stopping A Recurring Payment
Federal law gives you the right to stop any preauthorized recurring transfer by notifying your bank at least three business days before the next scheduled payment.6Office of the Law Revision Counsel. 15 USC 1693e – Preauthorized Transfers You can do this by phone or in writing. If you call, your bank may require written confirmation within 14 days; if you don’t send it, the stop-payment order expires.7Consumer Financial Protection Bureau. Regulation E 1005.10 – Preauthorized Transfers Banks typically charge a fee for the service.
Reversing An ACH Payment
ACH transfers can be reversed only in limited circumstances: the amount was wrong, the account number was wrong, the payment was a duplicate, or it was scheduled for the wrong date. The originating bank must transmit the reversal within five banking days of the original settlement date.8Nacha. ACH Network Rules – Reversals and Enforcement The receiving bank can reject a reversal that doesn’t fit those categories or arrives too late, so speed matters.
Reversing A Wire Transfer
Wire transfers are a different story. Once the receiving bank accepts a wire, reversal depends almost entirely on the recipient’s willingness to return the money. If your bank made an error (wrong amount, duplicate, wrong account), it may be able to request a recall. If you sent money to the correct account and simply changed your mind, or if a scammer gave you an account number you willingly used, your chances of recovery are slim. That is why wire transfers call for the most caution before you hit send.
Reporting An Unauthorized Transfer Or Error
If someone makes transfers you didn’t authorize, your liability under the Electronic Fund Transfer Act is capped at $50 if you notify your bank within two business days of discovering the loss or theft. Wait longer and the cap rises to $500. Let more than 60 days pass after your bank sends a statement showing the unauthorized activity, and you can be on the hook for everything stolen after that 60-day window, with no cap.9GovInfo. 15 USC 1693g – Consumer Liability Transaction alerts through your bank’s app are the simplest way to catch unauthorized activity fast enough to stay within the two-day window.
For any error on your statement involving an electronic transfer, wrong amount, missing deposit, or a transfer you didn’t make, you have 60 days from the date the bank sent the statement to report it. Your bank must then investigate and resolve the issue within 10 business days, or extend to 45 days while provisionally crediting the disputed amount to your account.10GovInfo. 15 USC 1693f – Error Resolution Report in writing, even if you call first. A written record with the date, account number, amount, and explanation protects you if the bank later claims it didn’t receive proper notice.
One boundary worth knowing: these protections generally apply to transfers you didn’t authorize. If you were tricked into sending a payment yourself, especially by wire or P2P app, the fraud protections above may not apply because you technically authorized the transfer. Any time someone pressures you to send money fast and insists on a method that’s hard to reverse, treat it as a warning sign.