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The automated clearinghouse network is a nationwide electronic payments system used by more than 23,000 financial institutions, more than 400,000 corporations, and millions of individual customers. The network was developed in the 1970s as an electronic alternative to check payments and as a cost-effective, efficient, and secure means for payments and receipts. It was originally used for the direct deposit of payroll and cash concentration debits. In 1982, the NACHA operating rules were modified to support corporate transfers. In 1985, the ACH was allowed to be the delivery mechanism for debit card (point-of-sale) transactions.
ACH is used for, among other things...
- Direct Deposit of your paycheck. Direct Deposit is the safest way to deposit your net pay, Social Security, or pension check(s) into your Credit Union account. Your money is electronically transferred and immediately available every pay period. There is no charge for this service. Click here for details.
- Payroll Deduction/Direct Deposit Payroll Deduction allows you to have a portion of your net pay deposited directly into your Credit Union account(s). It's a great way to establish a "no excuses" savings plan and to make loan payments automatically. There is no charge for this service. Click here for details.
- Direct Payment of Bills Many credit card companies, merchants, and utilities allow you to make payments to them via the Internet. Usually these payments are done via ACH. You fill out a web form with the routing number of the Credit Union and your account number. Click here for routing number information.