Wayflyer offers multiple different ways to send money from your bank account. Here is a quick outline of the main methods for sending money from your Wayflyer account.
ACH Transfers:
The primary method of sending money from your account is to send an ACH transfer (Automated Clearing House) to another banking account. This transfer can take several days as it passes through the Automated Clearing House network.
Qualities of an ACH:
An ACH transfer is free.
The client will be able to cancel the transaction up until the cut off processing time each day.
ACH payments are domestic, between US accounts only.
Scheduling of an ACH:
ACH payments are processed daily at 2:30 pm ET through Wayflyer.
Following this processing cut off the originated payment will be received by the recipient bank the following business day.
ACH payments made after 2:30 pm ET will not be processed until the following business day, which means they will not be received by the recipient for 2 business days.
ACH payments made can be canceled until 3:00 pm ET the day they are sent.
Wire Transfers:
Wire payments are more immediate than an ACH, for faster transfers of funds to another account. While these transfers are faster, they also cost more, and there is less time to cancel a payment, so only initiate a wire to a confirmed recipient.
Qualities of a Wire:
Wire payments cost $10.00 a wire. This charge is taken from your account, not the payment itself.
Wires are currently between US accounts only, but we are working to offer international wires in the near future.
Scheduling a Wire:
Wire payments are processed every hour, on the hour, from 9:00 am ET to 6:00 pm ET.
When a wire is initiated there is a 30 minute hold placed on the wire, to give you time to cancel the payment. After this 30 minute period is over the wire will be processed the next cut off time (On the hour, 9 am ET - 6 pm ET).
Wires are sent to the recipient bank immediately after processing, however the recipient bank may not process the received wire immediately. Please allow a day for the funds to appear.
Book Transfer:
You can transfer funds directly from one Wayflyer account to another. These transfers are immediate and free.
Frequently Asked Questions:
I sent my ACH, when will the recipient receive the payment?
Payments sent via ACH are processed daily at 3:00pm ET, they are then sent to the Automated Clearing House, where it will take a day before they are sent to the recipient's bank. Even though they are sent to the bank, the recipient bank may have delays registering the payments to the account. If the recipient does not receive the payment within 3 business days, please reach out to the Wayflyer support team to ensure there were no issues with the ACH.
I sent my Wire, when will the recipient receive the payment?
Wire payments are processed every hour, on the hour, from 9am ET to 6pm ET. While the wire is sent immediately at these intervals the recipient bank may not post the payment into the recipient account immediately. If the payment isn’t received by the following business day, please reach out to the Wayflyer support team.
I sent my wire/ACH, but it was rejected for an incorrect routing number, but I am sure it is the correct routing number. What is the issue?
Routing numbers for some banks can be unique to wires or ACHs specifically. If a wire or ACH is rejected, check to confirm the routing information is correct for the sending method you are using with the recipient banking entity.
For support questions for the Wayflyer Banking product, please do not hesitate to reach out to [email protected].
Wayflyer is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. The Wayflyer Visa debit card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.
Your deposits qualify for up to $3,000,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://thread.bank/sweep-disclosure/ and a list of program banks at https://thread.bank/program-banks/. Please contact [email protected] with questions on the sweep program. Pass-through insurance coverage is subject to conditions.