Bank transfer workflow
The scenarios in the table below are composed of two transfers: a bank to Dwolla network transfer and a Dwolla network to bank transfer. Transfers where the destination is a Dwolla balance are complete as soon as the funds enter the Dwolla network, and all transfers into the Dwolla network that are either sourced from Dwolla user balances can be settled in real-time.
Customer to customer transfers
|Source of transfer||Time to Dwolla network||Time from Dwolla network to recipient’s bank account||Total time to |
|Real-time: Dwolla balance||Instant||1-2 business days||1-2 business days|
|Next-day ACH: linked bank account||1-2 business days||1-2 business days||2-4 business days|
|Standard ACH: linked bank account||3-4 business days||1-2 business days||4-6 business days|
This can be compared to typical Standard ACH transfer times of T+3 to T+4—depending on the financial institution, if you have next-day transfers enabled, and if the transfer is initiated before 4pm CT.
The timetables for transfers in and out of the Dwolla network are:
Bank to Dwolla network
|Next Day ACH||1-2 business days|
|Standard ACH||3-5 business days|
- Transfers into the Dwolla network from a bank, including transfers that pass through the Dwolla network to another user’s bank account, can be cancelled by a Traditional CIP Verified account or Access API Customer account at any point until 4pm CT on that same business day if initiated prior to 4PM CT. If a transfer was initiated after 4pm CT, it can be cancelled anytime before 4pm CT on the following business day.
Dwolla network to bank
|ACH (Next Day or Standard)||1-2 business days|
|Same Day ACH||Same business day|
- Transfers out of the Dwolla network can be cancelled at any point until 4pm CT on that same business day if the transfer was initiated prior to 4PM CT. If a transfer was initiated after 4pm CT, it can be cancelled anytime before 4pm CT on the following business day.
Financial institutions play an important role in the Dwolla network.
Dwolla, Inc. is an agent of Veridian Credit Union and Compass Bank and all funds associated with your account in the Dwolla network are held in pooled accounts at Veridian Credit Union and Compass Bank. These funds are not eligible for individual insurance, including FDIC insurance and may not be eligible for share insurance by the National Credit Union Share Insurance Fund. Dwolla, Inc. is the operator of a software platform that communicates user instructions for funds transfers to Veridian Credit Union and Compass Bank.