OPERATOR
Two national ACH Operators?
The Reserve banks and Electronic Payment Network (EPN)
What was ACH originally created for?
Recurring payments, convert check payments and payments made over the phone and internet.
Most Common credit types
Mortgage and utility bill
Top 3 common forms of credit ACH?
Direct deposit for payroll, social security funds and tax refunds
Two types of social security funds?
SSI (Supplemental Security Incomes) and SSA (Social Security Administration)
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.
6 pieces of 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.