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Automated Clearing House

BankAtlantic’s Automated Clearing House (ACH) Services enable you to transfer funds electronically without the use of paper checks. Transactions involving deposits and the collection of payments on behalf of employees, customers, or suppliers can be sent to any of more than 16,000 ACH-member financial institutions. This saves you time and money by using pre-authorized electronic transactions rather than using costly and time-consuming paper-based options.

Direct Deposit - Deposit payroll funds directly into employees’ checking or savings accounts. Direct Deposit may also be used for expense reimbursement, stockholder distributions, federal tax payments and paying vendors.

Pre-authorized Debits – Collect recurring receivables, such as insurance premiums, utility bills, membership dues, subscriptions, or charitable contributions. With approval from your customers, you can electronically debit their account. Knowing when the payments will arrive will help you forecast your cash flow with greater accuracy.

Cash Concentration – Concentrate funds easily and efficiently from your remote deposit accounts at other financial institutions into one central BankAtlantic account, for improved control and maximized usage of existing funds

Tax Payments – Originate credit transactions to make federal (EFTPS) tax payments and child-support payments.

ACH Benefits:

Savings

  • Decrease processing costs by converting paper-based transactions to ACH
  • Provide a low-cost benefit that adds to employee satisfaction by offering Direct Deposit of payroll

Control

  • Leverage excess balances with cash concentration services
  • Reduce exposure to check fraud by eliminating paper checks

Efficiency

  • With electronic processing, funds move faster and the risk of errors and fraud drops
  • Maintain optimal cash control with fewer resources

 

 

 

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