Warning! Federal Reserve To Start Processing ACH Payments Immediately - Preparing Cypress Type Bail In?

Normally, a debit from your checking account takes a day or two after it shows up. This is to allow time for the account owner to dispute a debit that may be fraudulent. Now, starting on Friday, the Federal Reserve is announcing immediate withdrawal. This means they can take money from you, and you have to figure it out and fight it later. Ties you up in the bank/court, and they get to use your money while you try to get it back. 

This smells like and attempt to shut down any kind of run on the banks.

ACH payments are simply electronic transfers from one bank account to another. Common uses include:

• A customer pays a service provider
• An employer deposits money to an employee’s account
• A consumer moves funds from one bank to another
• A business pays a supplier for products

Because they’re electronic, ACH payments use fewer resources (paper, ink, fuel to transport checks, time and labor to handle and deposit checks, and so on). In addition, electronic transactions make it easier to keep track of your finances.

Instead of generic check information on a bank statement (“Check #3509 for $45.82″ - what was that for?), you see the payee’s name without the need for further research. That makes it easier to sort or categorize transactions with your financial software.

ACH transactions can be electronic from start-to-finish, or they can happen when a paper check is converted and processed electronically.

The Automated Clearinghouse (ACH) is an electronic payment delivery system which processes electronically originated credit and debit transfers for institutions nationwide. ACH is a rapidly growing alternative to processing credit cards and handles billions of payments annually.

ACH payments are payments that are processed using a customer’s bank account and routing information.

We developed our system technology beginning in 2001 to include our current ACH processing. The following briefly describes ACH capabilities available through our system today!

ACH Payment Types

ACH transactions offered are:

• WEB – Website originated debit (initiated by customer)
• PPD – Personal account debit (entered in through the online virtual terminal or through recurring auto withdrawl)
• CCD – Business account debit (entered in through the online virtual terminal or through recurring auto withdrawl)
• TEL – Telephone originated (payment information provided over the phone)
• POP – Point of Purchase (cash register)
• BOC – Back office conversion (checks converted into ACH transactions in the “back office”)
• ARC – Accounts receivable (checks mailed in or received through a dropbox are converted into ACH transactions)
• RCK – Returned check item (bounced or returned checks are run through in an attempt to collect payment)

According to NACHA, the Electronic Payments Association, the number of ACH transactions currently processed annually, exceeds 19.1 billion. Appoximately 500 million transactions were added last year.

When businesses overlook ACH processing and Paper Check Conversion, they lose the opportunity to expand their reach into new markets. By offering ACH capabilities, businesses contribute to their bottom line.

Currently in the US, there are still many individuals who do not have credit cards or who still prefer to pay with their checking or savings accounts. Now, businesses can easily accept new forms of payment with VeriCheck.

https://www.vericheck.com/what-is-an-ach-payment/