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Topic: ACH Code?  (Read 1912 times)

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ACH Code?
« on: August 20, 2008, 04:38:48 PM »
I've been doing my money transfers with moneycorp for about 18 months and they've just changed their system so that now they require a ACH code to do the transfers.  Before they just used my account number and bank routing number but now apparently they need this number so the deposits will go in as direct deposit (for free) as opposed to wire transfers ($7) charge. Now, Ive called my bank, spoke to several people high up and they said there is no ACH code. A code does not exist, while moneycorp is telling me they need an ACH code which is normally 9 digits and usually starts with a 9. Does this code exist? Is my bank clueless or is it moneycorp? Any advice in exactly what Im asking for when I call the bank, yet again, and say 'I need your ACH code'.  I already have my account number and routing number--but apparently this is something different.. HELP...im ripping my hair out!  :(


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Re: ACH Code?
« Reply #1 on: August 20, 2008, 04:41:06 PM »
Is this for a US bank or UK?

Edited to add:

Found this link.  It list ACH codes.  It does look like mainly UK licensed banks, so if you are dealing with a US bank that could be the problem.  If a UK bank doesn't know it's exists, it's probably just the person you are speaking with.
http://www.uob.com.sg/assets/pdfs/business/achcode.pdf

A BIC code is another identifier to help with wire transfers.  My US bank had no idea what a BIC code was, although HSBC required one for bank transfers.  My bank was a small US savings bank.
« Last Edit: August 20, 2008, 04:47:40 PM by karin »


Re: ACH Code?
« Reply #2 on: August 20, 2008, 04:43:36 PM »
US Bank.

UK moneycorp is requesting this code from my US bank.  US bank says it doesn't exist. Could it be something that exists in the UK but not in the US?  I dunno, since moneycorp deal with international money transfers I assume they'd know if it were just a UK thing. ???
« Last Edit: August 20, 2008, 04:46:44 PM by Chrissy »


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Re: ACH Code?
« Reply #3 on: August 20, 2008, 06:12:57 PM »
ACH (Automated Clearing House) is a US-based system, but I'm not sure that each & every bank participates in it.  For some banks, the ACH number may be the same as the federal wiring routing number (if memory serves), but some banks will have a different number for each.  Both ACH and fed-wire routing numbers are 9 digits long.

If yours is a smaller banking institution (credit union or such), it may not participate in the ACH system.  If you're not getting a satisfactory answer from your branch (they should at least know whether or not they're in the system - not having heard of it entirely or being able to explain why they don't have one is a bit worrying!), go up the bank's food chain - try a different branch, the regional/national head office, etc.
Ring the bells that still can ring
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Re: ACH Code?
« Reply #4 on: September 04, 2008, 03:27:39 PM »
I know I'm late to this party, but if you've already handled this, the info I remember from my banking/brokerage employment days might help someone else in a similar situation:

ACH is indeed Automated Clearing House and some US Banks do not subscribe to it. But rather use their federally required/assigned ABA (American Banking Association) routing number to receive direct deposit.

My credit union does this and calls it both the ABA and the ACH number (for direct deposit form purposes).

However, some banks use a different number for each. My Wells Fargo bank does this. You can look it up on their website or call them for it as I've had. Also my Chase bank uses 2 different numbers.

If you participate in any sort of Social Security Administration program or have your IRS refund check direct deposited, or your former US employer direct deposited your paycheck, they may request both your ACH and your ABA number (in addition to your account number). A few days ago I went into a local SSA office to assist an elderly neighbor. His caseworker had to set up his direct deposit and asked to see a check and a deposit slip. She then proceeded to input the bank info and mentioned that she also verified in her system (couldn't see her monitor) that the ACH was the same as the ABA number on his check/deposit slip.

Perhaps if you ask your credit union or bank what number they use to receive in direct deposits, it will all become clear to them. But please do ask--don't assume they are the same. I once made this mistake and a very large deposit got held up because I'd use the ABA routing number and the deposit was "bouncing".


Re: ACH Code?
« Reply #5 on: September 04, 2008, 04:33:07 PM »
Thanks for chiming in. The issue still hasnt been sorta but after calling the bank many times and being told that the ACH is the same as the ABA code and moneycorp telling me they're definately different ... the nice girl at moneycorp has said to just leave it with her and she would sort it and no need to call the bank again (thank goodness, i called about 10 times asking the same question!) I will not know if its sorted or not til end of Sept. when my money transfer goes into my account. If theres a $7 fedwire surcharge.. its not sorted... and if there isnt a charge then it is sorted. Fingers crossed. But what you were saying LadyAnglesey does make sense... since my bank was adament they were the same code.. and i thought they didnt know what they were on about!

I should mention that moneycorp have been refunding me all these $7 surcharges ive been getting from my bank.. but its just a pain to call every month for the passed 3 months saying 'its happened again' and im afraid they'll loose their patience with me and stop refunding it... so i'd like to sort it! But Moneycorp are fab!


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Re: ACH Code?
« Reply #6 on: September 04, 2008, 07:06:07 PM »
Well good, that ought to do it, then! And thanks for the moneycorp tip, Chrissy. I hadn't heard of them but have checked them out since you posted. I'll be needing their services myself in a few months. Ain't life funny, that way.  :P


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Re: ACH Code? BIC Code?
« Reply #7 on: December 02, 2008, 08:13:58 PM »
Hi... I'm new to this site... I am currently dealing with an issue regarding a customer needing to pay us and is asking for the BIC code??  We are a US company so the monies will be coming from Austria to the US....  I've provided the SWIFT code to the cleaing bank, but the monies need to be "further credited to" my bank which then gets forwarded to my account... My bank is telling me they don't have a BIC code and keep giving me the same procedures... yet our customer keeps coming back to me for the BIC code... Is the ABA code (routing number) for a US Bank the same as a BIC code???


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Re: ACH Code?
« Reply #8 on: January 19, 2009, 07:32:28 PM »
a BIC code is a subaccount within a SWIFT-participating bank. A SWIFT-enabled institution might have multiple BIC codes, for example a very large moneycenter bank might have one for its foreign exchange department, another for its investment banking arm, one for it's division in Spain, or even several for a given sub-department.


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