ACH

ACH stands for:

• Automated Cash Handling
• Automated Clearing House
• Automated Credit History
• Automated Check Handling

Which of the following is NOT a transaction type supported by the ACH network?

• Direct deposits
• Credit card transactions
• Direct payments
• Electronic fund transfers

ACH transactions are typically initiated by the:

• Receiving depository financial institution (RDFI)
• National Automated Clearing House Association (NACHA)
• Originating depository financial institution (ODFI)
• Federal Reserve System

ACH transactions are settled in:

• Real-time
• Hourly intervals
• Regular intervals usually overnight
• Weekly intervals

Compared to other payment methods ACH transactions generally have:

• Higher fees
• Longer processing times
• Lower fees
• Real-time processing

The organization responsible for regulating the ACH network in the United States is:

• Federal Reserve System
• National Automated Clearing House Association (NACHA)
• Office of the Comptroller of the Currency (OCC)
• Financial Crimes Enforcement Network (FinCEN)

ACH offers a faster and more efficient alternative to traditional payment methods like:

• Wire transfers
• Physical cash
• Credit card transactions
• Check payments

ACH transactions are generally less expensive compared to:

• Direct deposits
• Wire transfers
• Paper checks
• Credit card transactions

ACH provides convenience and flexibility for managing finances by facilitating:

• Real-time transfers
• Cash withdrawals
• Recurring payments
• International transfers

ACH transactions are processed electronically which enhances:

• The security of fund transfers
• The risk of fraud
• The need for physical checks
• The need for manual intervention