What is ACH? Ach stands for Automated Clearing House. A Nationwide Electronic Funds Transfer Network which enables participating financial institutions (banks) to distribute electronic credit and debit entries to bank accounts and to settle such entries at a much faster rate than the processing of physical paper checks.
A few examples of ACH items are:
- Direct Deposits of Payrolls
- Government Checks such as Social Security and Civil Service
- Insurance Payment
- Telephone Bills
- TV Bills
- Federal Income and State Tax Refunds
- Railroad Retirement Benefits
If you receive a Government Check or a Payroll check in the mail, and your payment date falls on the weekend or a Holiday, you might not receive the check right away. With ACH, your checks will be deposited electronically into your account on the due date. If your due date falls on a weekend or Holiday, your funds will be deposited into your account the day before, making your funds available to you at a much faster rate! No more waiting around for the mail.
ACH Services allow you to move money electronically. Ask us how to sign up for:
- Direct Deposit of Payroll, Retirement Benefits or Social Security
- Direct Debit for payment of loans, utilities, phone, insurance, etc.
The Great North Bank also assists our business customers in providing ACH services such as Direct Deposit of Payroll and Direct Payment. This allows you to move money easily and electronically! We can provide the computer software, expertise and training necessary to help your business streamline its payment processes. Call us at (715) 528-4844 for more information.