An ACH (Automated Clearing House) transfer is an electronic transaction that moves money between financial institutions.
Here are examples of ACH transfers:
- Direct deposit of payroll, social security, pension or other federal benefits
- Direct debit or payment of your bills such as utilities, mortgages, loans, insurance premiums
- Back office check conversion
- Point of purchase electronic check conversion (checks that are converted to an ACH for processing)
- Tax payments
- Customer-initiated transactions
- Payments over the phone
Your electronic transaction may be processed faster than a check. Be sure you have enough money in your account at the time you make a purchase.