Please note that this article only applies to business accounts
Panacea's digital banking platform offers the ability for business users to transfer money to and from other entities.
With the ACH services users can:
- Send or receive a single ACH money transfer.
- Send a bulk set of ACH transfers via a template.
Important:
- ACH services require multi-factor authentication (MFA) to submit the transfer. Panacea uses MFA via a code sent to the phone number or email on file.
- ACH transfers can take up to 3 business days to process.
- There is no additional fee for ACH.
- Cut-off time for ACH transfers is 5:00 PM EST.
- ACH only processes on business days.
1. Add ACH recipients (single or multiple via a template).
In your Dashboard, navigate to the Transfer Money tab and click Send Money or Withdraw Money. Click Manage Recipients.
Another way is to navigate to My Finance > My Recipients > Add ACH Recipient.
Note: if you do not see any options other than "Between Your Accounts", you do not have ACH permissions. Please contact you the Panacea Business Services team at consiergedesk@panaceafinancial.com for assistance.
You can add a single recipient or create bulk ACH template to create multiple users to re-use.
2. Choose ACH recipient to submit payment or choose ACH account source and submit withdrawal.
Enter payment info, choose recipient or source, payment info and click Continue. User will be prompted with an MFA code and will be required to enter the code before submitting.
3. View any pending ACH payments in My Finance (scheduled transfers will appear here until cut-off time).
