The oDesk Guide to ACH
Using ACH
ACH stands for Automated Clearing House, and is the primary electronic network for bank-to-bank financial transactions within the United States.
What it really means is Direct Deposit. When you withdraw funds from oDesk via ACH, we send the funds directly into your checking or savings account electronically. ACH is the easiest and lowest-cost way to receive funds for US bank account holders.
How much does ACH cost? Nothing. ACH is free. (Well, technically it's a few cents per transaction, but we don't think that'ÃÂs worth charging for!).
How long does it take for the funds to clear my bank account? It depends on your bank. We process all ACH requests the very next business day. After that, it can hit your account as soon as one day later, or up to a week. Typical time is 2-3 days.
Setting up your bank account information
- Log in to my.odesk.com and go to the My Money tab. Under "ACH/Direct Deposit", click on "add an account"
- Fill out the requested information. Make sure your account number and routing number are correct
Thats it!
Note: we do not validate your account at the time of setup. If you enter any of the account information incorrectly, then the first time you request a withdrawal the transaction will fail.
Direct Deposit and Wire payment methods become active 3 days after details for the transaction are entered or edited. The Payment Methods page shows the date that the method will become active. This is to protect against theft in the case that the account has been compromised.