Automated Clearing House (ACH)

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Earnnest is an ACH payment and utilizes the Automated Clearing House (ACH) network — a U.S. financial network used to send money electronically. ACH payments (also called electronic funds transfers) are relied on by the federal government as the standard for secure money movement within the U.S. banking system.

You’re already familiar with ACH payments. Even if the term “ACH” doesn’t ring a bell, your every day payments use the ACH network. Common examples are the direct deposit paycheck you receive every two weeks, or the phone bill and mortgage payment you’ve set to draft automatically each month. ACH payments are preferred to checks or wires because they are faster than checks, cheaper than most wires, and more secure than either checks or wires.

The ACH network is governed by the National Automated Clearing House Association (NACHA). This association exists to regulate the ACH network and requires all parties to meet standards of security, encryption, and identity verification. So you can rest assured that you are using the most secure payment option available. The ACH network honors several holidays throughout the year and payments will not settle on those days.

What kind of bank account should you use?

Earnnest recommends using a traditional checking account to pay your earnest money.

You are able to use a savings account, however; be aware that there is a six-payments-per-month limit on all savings accounts. If you have already made six payments from your savings account and try to transfer your earnest payment as a seventh withdrawal in the month, then the payment will fail.

We do not suggest making earnest payments from money market accounts or prepaid cards, as these types of payments have a higher likelihood of failing.

Earnnest product on laptop computer showing the paid screen.
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