For businesses operating in the United States of America (US), being able to pull funds from their bank account directly into their Currencycloud Account is really important.
It removes time and effort for your customers as they’ll no longer have to log into their online banking to send us funds. Find out more below.
What is ACH Pull?
ACH Pull allows your clients to transfer money directly from their bank account into their Currencycloud account. This means they don’t have to go into their bank account and push the funds.
Who can use ACH pull?
Currencycloud clients with US bank accounts will be able to access this functionality. ACH Pull is not supported in any other country.
The ability to offer this functionality to your customers depends on the space you are operating in. It is only possible where the customers can accept Currencycloud’s Terms and Conditions (UFXB / GBI).
Whose accounts can funds be pulled from?
Currencycloud ACH Pull allows you, as Currencycloud clients, to pull funds from accounts in your name. As a Currencycloud client, you will also have the ability to pull funds for your customers from their accounts, if you are able to offer ACH Pull to your customers.
Accounts must be corporate accounts. Pulling funds from individual accounts is not currently supported.
How soon do the funds arrive?
Currencycloud ACH pull has a T+3 delivery timeframe for all payments made before 14:30 EST.
- If you initiate an ACH pull before 14:30 EST, the funds are available three banking days later. For example, if you initiate an ACH Pull at 10:00 EST on Monday, the funds are available in the account first thing on Thursday.
- If you initiate an ACH pull after 14:30 EST the funds are available four banking days later. For example, if you initiate an ACH pull at 16:00 EST on Monday, the funds are available in the account first thing on Friday.
Is there a limit on the amount I can pull?
Yes, the limit on Currencycloud ACH Pull is $100,000 per transaction.
How do I add my withdrawal account?
Once your account manager has enabled you for ACH Pull, you can add a withdrawal account by submitting a request to our customer operations team. The request must contain:
- the name,
- date of birth (for individuals),
- account number
- routing code of the account you wish to add
- a screenshot of an official document (e.g. a checkbook), showing your name and account number.
You may also provide a nickname for the account.
Our customer operations team will review the information and add the withdrawal account to the system. The account will then become available within Direct or via the Withdrawal Accounts API.
How do I initiate a pull?
ACH Pull is available via Currencycloud Direct and our API.
- Using Direct: After authenticating, select ‘Balances’ from the left-hand navigation. Choose USD from your option of accounts, and choose to “Add USD” using the top-right icon. Choose the “Bank account debit” option to initiate an ACH Pull.
- Using APIs: If you are using the API, you initiate an ACH Pull by using the Withdrawal Accounts API and the Pull Funds API. The Withdrawal Accounts API allows you to view all withdrawal accounts for a specified Currencycloud account. The Pull Funds API allows you to initiate a withdrawal account ID with an amount and reference for the pull.
Once an ACH Pull has been initiated a pending funding transaction appears in Direct, via the Transactions API and via a push notification, if you have them enabled.
How will an ACH Pull appear on my bank statement?
The ACH pull appears on your bank statement as a debit. The debit will show as coming from Currencycloud with the reference you provided when initiating the pull. This may vary from bank to bank.
To find out more, please contact your Account Manager directly or email email@example.com.