Money is transferred from one bank account to another by Electronic Funds Transfer (EFT) utilizing the Automated Clearing House (ACH) Network governed by the Federal Reserve System and the National Automated Clearing House Association (NACHA). This is widely used for payroll, social security and investment deposits. The many benefits include:
– Funds reach your bank account days or even weeks sooner
– There is no hold placed on funds
– Eliminates the risk of lost or stolen checks
– Reduces trips to the bank
– WE CHARGE NO FEE FOR THIS SERVICE (You will receive an email notification as well as itemization of the deposit on your monthly statement.)
– Vendor and supplier payments are directly deposited into any personally identifiable bank account.