We totally get why you might be wondering about this – it can feel a little confusing when you see funds leave your bank account, but your ExtraCash settlement is still showing as "processing" in the app. No worries at all, this is a completely normal part of the ACH settlement process, and your transaction is being handled securely every step of the way!
Here's why this happens:
- The ACH Network at Play: When you settle your ExtraCash, we use the Automated Clearing House (ACH) network to transfer the funds from your bank to us. Think of ACH as a digital highway for money, and like any highway, it has its own speed limits.
- It's a Batch Process: Unlike instant transfers, ACH transactions are processed in "batches." This means banks collect all the transactions throughout the day and send them together. This batching and clearing process is why it isn't immediate.
- Timeline: ACH settlements can take up to 3 business days to fully complete. It's super important to remember that weekends and banking holidays are not business days.
- For example: If your settlement was initiated on a Friday, the 3rd business day would typically be the following Wednesday.
- What you'll see: While the funds are securely on their way to us, your ExtraCash account in the app will temporarily show a negative balance and the settlement will remain in a "processing" status.
Don't worry – your app will automatically update the moment your settlement is finalized. Once it's all cleared, you'll be able to check your ExtraCash eligibility again!