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 an ACH deposit 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. Generally, it can take around 3-5 business days before that money arrives in your BlockFi account.
For clarity, there are some fraud and consumer protections in place specifically for these kinds of transactions, and they can cause delays in the process since we have to double-check everything to make sure there isn’t any fraud or risky behavior involved. We don’t want anybody stealing your money or committing fraud against us. When certain circumstances or events dictate caution, we act accordingly, and processing might take a little bit longer as a result.