A system of computer networks that allows banks to transfer funds among themselves; used to make recurring, relatively low-value payments, such as the direct deposit of salaries.
Organization established by banks in the same locality, whose central facility receives electronic payments from banks, distributes funds between banks, exchanges checks and other instruments, and settles transactions and net balances. Each electronic payment you make is processed through this clearinghouse. Abbreviation: ACH
(ACH) Commonly known as Direct Deposit. A system used to electronically transfer funds through a clearinghouse facility directly into the payee's bank account.
The electronic funds transfer network that enables you to make a direct transfer of money from your bank account to your mutual fund, provided your bank participates in the ACH.
A system used to electronically transfer funds through a clearinghouse facility directly into the payee's bank account. ankruptcy (Chapter 7, 11 & 13) - The legally declared condition of being unable to pay one's debts.
An automated clearinghouse network is an electronic batch processing system by which payment orders are exchanged among financial institutions. Such electronic transactions can be substituted for paper checks. The Federal Reserve Banks operate an automated clearinghouse, as do some private-sector firms.
A company that electronically transfers monies between financial institutions. See ACH card.
A computerized facility that electronically processes credits and debits among member financial institutions, avoiding the use of paper documents.
An electronic funds transfer network that enables direct money transfers between participating bank accounts and lenders. This feature is available only to borrowers who are not currently on active payroll status.
Computerized network that provides electronic funds transfer services such as receiving paychecks. An ACH is one type of an electronic funds transfer system.
An electronic funds transfer network that enables direct money transfers between participating bank accounts and mutual funds or variable annuity investments.
Electronic clearing and settlement system for exchanging electronic credit and debit transactions among participating depository institutions; such electronic transactions are substitutes for paper checks and are typically used to make recurring payments such as payroll or loan payments. The Federal Reserve Banks operate an automated clearinghouse, as do some private-sector firms.
Automated Clearinghouse. A nationwide electronic payments system, which more than 15,000 financial institutions use, on behalf of 100,000 corporations and millions of consumer in the U.S. The funds transfer system of choice among businesses that make electronic payments to vendors, it is economical and can carry remittance information in standardized, computer processable data formats.
A system used to electronically transfer funds through a clearinghouse facility directly into the payee's bank account. A direct deposit.