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What is an ACH?

April 26, 2017ACH

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What is an ACH?

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An ACH (Automatic Clearing House) is an electronic debit or credit against your bank account.

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An ACH, Automatic Clearing House, transaction is an electronic transaction that allows merchants to access your account. For example, payroll direct deposits are ACH deposits and gym membership dues can be set up as ACH withdrawals.

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Individuals who have their paycheck automatically deposited to their bank account are already familiar with ACH. ACH is the nationwide banking system that relays the funds from the State Treasury to a bank account electronically without paper or postage. Currently, a variety of agencies make about 3,000 ACH payments each month through the State Treasury to businesses and governmental entities around the country. Agency personnel enter the same transaction data into the Statewide Financial Management Application (SFMA) to record the transaction. The ACH Project has made this a one-step process where payment instructions entered into SFMA process as secure, efficient ACH payments for enrolled payees. This involves no additional effort and saves time and money for all. SFMA makes payments directly to a payee’s bank account with a two day transit period. These same modifications allow direct deposit for reimbursement of expenses to state employees who travel frequently. The ACH process in