Automatic Clearing House (ACH) Services
Make Payments and Collections More Efficient and Convenient
The Automated Clearing House (ACH) system is a nationwide electronic payment and collection network that allows transactions to be posted to accounts at virtually all U.S. financial institutions. The ACH system enables you to originate three primary types of transactions when you transmit data to us:
Consumer/Commercial Payments
Disburse payroll, expense reimbursements, dividends, interest, annuities, pension, tax and vendor payments.
Benefits include:
- Reduces time and costs for payroll administration and distribution.
- Eliminates check purchase and processing expense.
- Provides complete audit trail of payments.
- Eliminates time and expense associated with the replacement of lost or stolen checks.
- Elimates lost time spent by employees depositing or cashing checks during working hours.
Consumer Pre-authorized Collections
Collect Insurance premiums, utility, mortgage and rental payments, contributions and dues, installment loans and retail merchant bills.
Benefits include:
- Provides collected funds on due dates.
- Accommodates variable and fixed rate payments.
- Reduces bill preparation, mailing and processing costs.
- Reduces the costs of updating accounts receivable.
- Reduces returned checks.
- Improves cash forecasting and cash flow.
Commercial Cash Concentration
Transfer funds deposited initially in other bank accounts
into a central IronStone Bank Concentration account.
Benefits include:
- Provides a less expensive and hassle-free alternative to making wire transfers or writing transfer checks.
- Allows rapid collection of funds to take advantage of short-term investment opportunities or to meet disbursement needs.
- Improves information gathering and reporting.
It's Easy To Put ACH Services To Work
Your company generates a specially formatted file containing
the information about the ACH transactions you wish to make and sends it to
IronStone Bank. The transactions are carried out electronically according
to the instructions in your files. On the effective date all transactions
will post at both IronStone Bank and the receiving institutions.
