Automated Clearing House (ACH)
An electronic funds-transfer system run by the National Automated Clearing House Association. This payment system deals with payroll, direct deposit, tax refunds, consumer bills, tax payment, and many more payment services. Investopedia Says:
The use of electronic clearing houses to facilitate electronic transfers of money has increased efficiency and timeliness of government and business transactions. Related Terms:
Clearing Corporation
Clearing House
Lockbox Banking
Social Security
Transfer Payment |