To make an EFT payment, log into your bank’s website or app, open the transfer or send-money section, and enter the recipient’s name, their bank’s nine-digit routing number, their account number, and the amount. Confirm with the multi-factor code your bank sends, and the transfer is on its way. Depending on which rail you choose, the money lands in seconds, later that day, or on the next business day.
What You Need Before You Start
Every electronic funds transfer runs on the same four pieces of information: the recipient’s full legal name, their bank’s name, the bank’s nine-digit ABA routing number, and the recipient’s account number. The routing number identifies the financial institution within the Federal Reserve’s payment network; the account number tells the receiving bank where to post the funds.1American Bankers Association. ABA Routing Number
You’ll find the routing number at the bottom left of a paper check or in the account details inside most banking apps. International transfers also require the recipient bank’s SWIFT or BIC code to route the payment through the global network. One wrong digit and the payment either bounces back or lands in the wrong account, and recovery can take weeks and cost fees. Verify every number against a source document, not a text message or a verbal reading.
Your bank is required to disclose the terms of its EFT services when you first sign up, including fees, liability limits, and error resolution procedures.2Office of the Law Revision Counsel. 15 USC 1693c – Terms and Conditions of Transfers That disclosure lists cutoff times, daily limits, and what happens when something goes wrong. Read it once before your first transfer.
Sending the Payment
Inside your bank’s site or app, look for a section called “Transfer Funds,” “Send Money,” or “Payments.” Select the account you’re paying from, then enter the recipient’s routing number, account number, and dollar amount. Choose whether the payment is one-time or recurring. For recurring transfers, most banks ask for an end date or a maximum number of payments.
Before the bank processes anything, you’ll go through multi-factor authentication. A temporary code arrives on your phone or email, and you type it back in to confirm you authorized the transfer. Once you submit the code, the transaction is live. That confirmation is your legal authorization for the bank to pull the money from your account, so save the confirmation screen or receipt. The confirmation number, transaction ID, and timestamp are your primary evidence if a dispute arises later.
Banks impose daily and monthly caps on outgoing transfers. These vary widely by institution and account type. The per-payment ceiling for Same Day ACH across the entire network is $1 million, but your bank’s own limit is often much lower, especially on newer accounts or accounts without a history of large transfers.3Nacha. Same Day ACH – Moving Payments Faster Phase 1 Check your bank’s limits before initiating a large payment so a declined transaction doesn’t catch you off guard.
Choosing a Transfer Type
How fast the money arrives depends on which payment rail your bank uses to move it. The right choice depends on how quickly the recipient needs the funds and how much you want to spend getting it there.
Standard and Same Day ACH
Most routine EFT payments ride the Automated Clearing House network. Standard ACH transfers settle on the next business day for the majority of transactions. Same Day ACH settles within the same business day when submitted before the network’s processing windows.3Nacha. Same Day ACH – Moving Payments Faster Phase 1 ACH handles direct deposit, bill payments, and most of the bank-to-bank transfers consumers initiate online.
Wire Transfers
Wires are faster but pricier. A domestic wire submitted before your bank’s cutoff time generally arrives the same business day. If you miss the cutoff, the wire processes the next business day.4Federal Register. Federal Reserve Action to Expand Fedwire Funds Service and National Settlement Service Operating Hours Wires are the usual choice when speed matters and the amount exceeds your bank’s ACH limits.
Real-Time Payments
Two networks now offer near-instant settlement around the clock, weekends and holidays included. The Federal Reserve’s FedNow service and The Clearing House’s RTP network both support transactions up to $10 million per payment.5Federal Reserve Financial Services. FedNow Service Will Raise Transaction Limit to $10 Million to Meet Increased Demand, Unlocking Higher-Value Use Cases Adoption is uneven, so your bank may not offer real-time payments yet. When it does, transfers settle in seconds.
What EFT Payments Cost
Standard ACH transfers between your own accounts at different banks are often free, and many banks don’t charge for outgoing ACH payments to other people. Wire transfers are where fees show up. Domestic outgoing wires typically run $25 to $30 at major banks, with international wires costing more. Incoming wires often carry a separate fee of roughly $10 to $20, which means both sender and recipient can end up paying.
If you need to stop a scheduled payment, most banks charge a stop-payment fee somewhere between $15 and $36, though some reduce or waive it for online requests or premium accounts. For recurring transfers, a few dollars per payment adds up quickly, so factor that into the choice between ACH and wire.
Stopping or Canceling an EFT
Rules for canceling a payment depend on the type of transfer and how much time has passed. The windows are often shorter than people expect.
Stopping a Recurring Payment
Federal law gives you the right to stop any preauthorized recurring electronic transfer by notifying your bank at least three business days before the scheduled payment date. The notice can be oral or written.6Office of the Law Revision Counsel. 15 USC 1693e – Preauthorized Transfers If you call, your bank may ask for written confirmation within 14 days. Miss that follow-up and the stop-payment order can be undone, so send it promptly.
Reversing an ACH Payment
ACH reversals are tightly restricted. The sender’s bank can transmit a reversal only within five banking days after the original settlement date, and only for specific reasons: the payment was a duplicate, went to the wrong person, or was for the wrong amount.7Nacha. ACH Network Rules – Reversals and Enforcement “I changed my mind” is not a valid reason. If none of the permitted grounds apply, you’ll have to work directly with the recipient to get your money back.
Recalling a Wire Transfer
Wires are the hardest to undo. Once a wire clears, the sending bank can request a recall, but the receiving bank has no legal obligation to comply. Success depends almost entirely on speed. Catch the mistake within minutes and the sending bank’s wire department may be able to cancel the transfer before it processes. After the money lands in the recipient’s account, recovery rates drop sharply. If you suspect fraud, contact your bank’s fraud department immediately and ask the receiving institution to freeze the funds.
Canceling an International Remittance
International money transfers follow a separate rule. You can cancel a remittance transfer within 30 minutes of making the payment, as long as the recipient hasn’t already picked up or received the funds. Cancel inside that window and the provider must refund the full amount, including fees, within three business days.8eCFR. 12 CFR 1005.34 – Procedures for Cancellation and Refund of Remittance Transfers After 30 minutes, that guaranteed right is gone.
If Something Goes Wrong
Unauthorized Transfers
When someone makes an unauthorized transfer from your account, how much you’re on the hook for depends entirely on how fast you report it. Federal law sets three tiers of consumer liability:
- Reported within 2 business days: your maximum loss is $50, or the amount transferred before you notified the bank, whichever is less.
- Reported after 2 business days but within 60 days of your statement: the cap rises to $500, covering unauthorized transfers that happened after those first two days and that the bank can prove it would have stopped had you reported sooner.
- Not reported within 60 days of your statement: unlimited liability for unauthorized transfers that occur after the 60-day window closes, to the extent the bank establishes those transfers would not have happened had you reported on time.
These caps apply when your debit card, PIN, or other access credentials are lost, stolen, or compromised.9eCFR. 12 CFR 1005.6 – Liability of Consumer for Unauthorized Transfers Check your statements regularly and report anything suspicious within two business days. The difference between a $50 loss and an unlimited one is just the speed of your phone call.
Errors on Your Account
If a transfer posts for the wrong amount, goes to the wrong account, or never shows up, federal law requires your bank to investigate. Report the error within 60 days of the date the bank sent you the statement where the problem first appeared.10Office of the Law Revision Counsel. 15 USC 1693f – Error Resolution Give the bank your name, account number, a description of the error, and the amount involved. You can report by phone, but the bank may require written confirmation within 10 business days of an oral report. The 60-day clock starts from the date the statement is sent, not from when you open it.11eCFR. 12 CFR Part 1005 – Electronic Fund Transfers, Regulation E
Once notified, your bank has 10 business days to investigate and tell you what it found. If it confirms an error, it must correct the problem within one business day. The bank can extend the investigation to 45 days, but only if it provisionally credits your account for the disputed amount within those first 10 business days.10Office of the Law Revision Counsel. 15 USC 1693f – Error Resolution That provisional credit gives you access to the money while the review continues.
The bank can withhold up to $50 of the provisional credit if it reasonably believes an unauthorized transfer occurred and it has properly disclosed your liability limits.12eCFR. 12 CFR 1005.11 – Procedures for Resolving Errors If the investigation concludes no error occurred, the bank can reverse the provisional credit, but it must notify you and share the documents it relied on. If a transfer sits in pending status for more than two or three business days for ACH, or more than a few hours for a wire, call your bank. Banks that miss these timelines face penalties, so push back if your investigation stalls.