ACH or EFT casino deposits? Learn the difference and why it matters.
If you’ve been around the real money online casino block a few times, you’ve probably noticed that a lot of operators advertise EFT and ACH casino deposits. Often times, they’ll group them together in the same position on the banking menu, listed as ACH/EFT (or vice versa, EFT/ACH).
This alone denotes their similarity, but they are not exactly the same thing. For players, the experience is incredibly similar. However, the actual process of facilitating a fund transfer is a bit different. More importantly, the one you use will depend entirely on where you live.
ACH Casino Deposits
ACH stands for Automated Clearing House. It is an independent facility that works as an intermediary between customers/merchants and banks. What separates this system from EFT, most of all, is its regional availability. ACH is an American institution, and processes fund transfers for financial institutions in the United States only.
Most Americans use ACH all the time, and don’t even realize it. If their employer pays them via direct deposit, it occurs through ACH. If they have a periodic bill, such as a monthly mobile phone plan or gym membership that withdraws automatically each month from their bank account, that goes through ACH too.
Every payment that is processed goes straight to clearing house service. This company spends each day lumping all payments together, categorized by the receiving bank. Then, at the end of the business day, all payments are sent to those banks simultaneously. The funds are then posted to the corresponding accounts by 9:00am the following morning.
When a US player makes an ACH deposit at an online casino, the operator receives an instant message from the user’s bank stating whether sufficient funds are available. If not, the payment is declined. If so, the funds are electronically sent to the clearing house for processing. The casino’s bank won’t get the money until the next day. But because they know the funds are available, and forthcoming, the player immediately receives credit for the deposit amount in their casino balance.
EFT Casino Deposits
EFT stands for Electronic Funds Transfer. Like their ACH cousins, EFT deposits are a form of instant banking. However, EFT payments take place in the Canadian banking community, and are not available to American residents. If you have a bank account in Canada, you also use the EFT system a lot more than you may realize.
Unlike ACH, EFT payments do not go through an intermediary service. The process occurs directly through the banks, credit unions and other financial institutions at the time of reception.
Direct deposits and automatic billing services use EFT in the same way as ACH. Simply swiping your debit card at an ATM or retailer uses EFT. But when a payment takes place, the fund transfer begins right away, removing the money from one bank account and sending it to another.
When you submit EFT casino deposits, the operator receives an instant message from the sending bank to verify availability of funds. Again, if the account is insufficient, the deposit won’t go through. If not, the payment process begins and the player receives instant credit for it in their casino account balance.