Question

What is ACH in bank terms?

Answer 1

Answer: Automated Clearing House

• ACH refers to the Automated Clearing House of the banking industry, which is a network that coordinates electronic payments and automated transfers of money.
• ACH means that an electronic transfer has been made to or from your account by using your checking account records, on-bank statements or in your transaction history.
• Using the Automated Clearing House, several forms of transactions are made, like direct deposits, bill payments and tax payments.
• Whenever you see an ACH transaction on your bank statement, it means that either to or from your bank account an electronic transfer of money has been paid.