ACH Credits
Utilizing Bank of Albuquerque's Automated Clearing House (ACH) service, your company may initiate credit entries destined for accounts at financial institutions across the nation.
The ACH Credit service is used largely for:
- direct payroll deposit
- vendor payments
- tax payments
- dividend payments
- interest payments
- annuity payments
For example, Direct Payroll Deposit (DPD) affords an employer the opportunity to reward employees by giving them the assurance that payroll will be safely and consistently deposited into their accounts. Your employees will no longer need to spend lunch hours standing in long teller lines to deposit their checks.
The
Way It Works...
Your company provides payment data to Bank of Albuquerque. Several options are available:
- NetConnect
- Mainframe data transmission
- Magnetic tape
- Diskette
Bank of Albuquerque posts transactions destined to Bank of Albuquerque accounts and transmits all other transactions to the Federal Reserve Bank.
The Federal Reserve Bank disperses the transactions to their respective financial institutions.
Receiving financial institutions post credit transactions to the customers' or employees' savings or checking accounts on the settlement date.
Benefits
- Your company will realize cost savings and personnel efficiency as paperwork (e.g. stop payments, re-issues, reconcilements) resulting from a paper check environment will be reduced significantly.
- Time presently consumed performing these tasks may be reallocated to more productive activities.
- Additionally, your cash manager will have greater control of your company's cash position. Because the settlement date for ACH credits is predetermined, your cash manager may precisely forecast cash outflows on the specified settlement date.
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Highlights |
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Financial Position Update |
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>> For more information on our stable financial position, please click here.
To find out more information about BOK Financial, our parent company, please click here. |
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