OPERATOR
Two national ACH Operators
The Reserve banks and Electronic Payment Network (EPN)?
ACH originally created for what 3 reasons
Recurring payments, convert check payments and payments made over the phone and internet?
Most common credit types of ACH
Mortgage and utility bill
Top 3 common forms of credit ACH?
Direct deposit for payroll, social security funds and tax refunds
Risks associated with Treasury checks
time-consuming process to deposit & eliminating risk and delay of mailed treasury checks?
ACH payments faster or not
Possible for ACH to clear quickly- however, because of how they are processed the network must guard against fraud and money laundering. Payments take days to complete?
incoming ACH limit for debit or credit
No limit - $99,999,999.99
SSI (Supplemental Security Incomes) and SSA (Social Security Administration)
Two types of social security funds?
How is ACH Processed?
The Reserve banks receive files of ACH from originating depository FI's, edit and sort the payments, deliver the payments to receive depository FI's, and settle payments by crediting and debiting the depository FI's settlement accounts.
What information besides a signed authorization from a member do we need to do a ACH Transfer?
Routing number, loan/share type, external acct number, external acct type, amount and frequency.