In order to enhance its services and help customers receive payments more quickly, Intuit will upgrade QuickBooks Online (QBO) Payments customers to a faster deposit speed for bank (ACH) transfers starting April 12.
QBO customers can expect:
- Beginning April 12, 2021, bank transfer (ACH) payments will be deposited the next business day and QBO customers will be charged a 1% transaction fee (max $10) on each transaction. Intuit will no longer support 2-day and 5-day ACH transfers.
- There will be no changes to credit card or debit card payments. They will continue to deposit next business day at current rates.
- Payments processed before 3:00 PM PT arrive at QBO customers' banks the next business day (excluding weekends and holidays). Later payments arrive at QBO customers' banks the business day after.
- Next-day deposit features are subject to eligibility criteria. Deposit times may vary for other payment methods, third party delays or risk reviews.