Originally Posted by
hamhead
Normal charges that you make on a credit/debit card are not processed through the ACH Network. Visa/Mastercard/AmEx have their own payment processing (hence "interchange fees").
C'mon guys.
When your utility company automatically debits your bank account each month = ACH.
When you get your paycheck every two weeks = ACH.
When you buy a stick of gum at Wal-Mart with a Visa = Not ACH.
By the thought process that everything using a credit/debit card = ACH that would mean that nothing would work on Bancorp products.
Article
Skip on down to the "ACH Not Made for POS payments" section.
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This is Wal-Mart's doing, has always been only Wal-Mart's doing. The sky is not falling, GC -> MO will live on.
we have 2 sides. For Bancorp side which think you are doing a transaction that is some kind of debit spend, that doesn't use ACH, For BB or MO on the other hand,the same transactrion may be considered as a money transfer from a debit( bank account) to another account or Money equivalent product( and very likely ACH mediated) So the block is not on Visa/MC side, its on the WM using software thet reflects FDIC moves.
That's why it can be used for regular purchases.
(I wonder what will happen with EVOLVE, may be this is a good time for some homeowners( folks like one who posted previously who has 38k on OV) to make a generous payment to their principal.