Wondering why it takes 2 business days to transfer money?

Wondering why it takes 2 business days to transfer money?

You’re not the only one.

Here’s the deal on transfers between your ING DIRECT account(s) and your external checking account. All banks use a system called the Automated Clearing House (ACH) that provides electronic fund transfers between banks in the United States, similar to direct deposit of a paycheck or monthly routine payments to creditors. These transfers take two bank business days - three if it’s a federal holiday - for every bank, not just us. We’ll break it down for you.

You initiate a request to transfer money (which you have up until 11:59 PM to change or cancel). On business day one, your transfer is batched with all our other requests for that day and sent off to the ACH. The ACH then pulls together all the daily files they receive from thousands of other banks and routes the transfer to your bank. On business day two, the receiving bank makes sure the money is available and the actual transfer happens. The good news? These transfers are completely FREE.