What is ACH?
You can add money to or withdraw money from your MoneyExchange account electronically via ACH. ACH is an acronym for the Automated Clearing House Network, a highly reliable and efficient nationwide batch-oriented electronic funds transfer system governed by the NACHA OPERATING RULES, which provide for the interbank clearing of electronic payments for participating depository financial institutions. The Federal Reserve and the Electronic Payments Network act as ACH Operators, central clearing facilities through which financial institutions transmit or receive ACH entries. Source: NACHA – The Electronic Payments Association.
The automatic clearing house (ACH) is a secure network used to connect banks to each other. It is through this network that direct deposits, electronic payments, certain transfers, and debit-card payments are processed. The ACH network is also used for business-to-business payments, electronic payments, and certain local, state, and federal tax transactions. ACH processing was initially introduced in the 1970s as an alternative to traditional check payments. The Federal Reserve Board, Visa, the American Clearing House Association, and other ACH operators act as central clearing facilities for the ACH network. The Federal Reserve is the sole public sector entity serving as a central clearing facility in the United States. It is charged with handling the majority of the nation’s ACH transactions. Commonly referred to as FED ACH, the Federal Reserve Board clearing facility is primarily used to handle repetitive retail transactions that feature low dollar amounts. To use the FED ACH, a fin
ACH stands for the Automated Clearing House Network. It is a highly reliable and efficient nationwide electronic funds transfer system that banks can participate in to transmit or receive funds electronically. All transmissions are based on the NACHA file formats so they will be understood by all those involved.
