ACH stands for automated clearing house, which is a network that electronically processes money. An ACH debit is an electronic means to make and receive payments. ACH debits are used by consumers and businesses.
Definition
An ACH debit is a method of payment that allows companies to electronically withdraw funds from your bank account using your bank routing number and your account number. You are the only one who can give authorization for an ACH debit to occur, at which time the authorized amount is deducted from your account.
Benefits
ACH debits provide fast and prompt payment from consumers to businesses. By using an ACH debit, a business can be paid on the same date that the ACH debit occurs.
Fees
Typically your bank will not charge you a fee for having an ACH debit, but it is always good to check with your bank to make sure. You may be charged an overdraft fee from your bank if the funds aren't available when an ACH debit occurs.
Purpose
ACH debit transactions are used by consumers to pay for a number of products and services. Most businesses have ACH debit capability.
Payment
ACH debit transactions can be made via a number of different methods. You can choose ACH debit to pay for items over the Internet, in person and by telephone. Consumers can use their bank debit cards or checks to initiate an ACH debit payment.
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