Much of the American banking system rests on the ACH (Automated Clearing House) network. Most traditional domestic bank transactions are done through an ACH payment.
When you request a bank transfer through our platform, BlockFi asks for permission to process a payment from, say, your checking account. This request goes through the ACH system, asking your bank to send that money to BlockFi’s bank. BlockFi credits this bank transfer instantly (so you have the ability to trade and earn interest on those funds), however it generally takes 2-3 business days for the funds to be removed from your bank account. We require that you keep enough funds in your bank account to cover any bank transfers we have credited in our platform.