ACH Online Casinos
ACH (Automated Clearing House) is a secure and reliable system of electronic funds transfer that connects all US financial institutions. This network allows electronic payments as following: automatic payroll deposits and debit card purchases. The rules are established by NACHA - the National Automated Clearing House Association and by Federal Reserve. The rules are established for all members in the ACH system and assure the customers an extremely secure.
ACH was founded in 1989 and in 1998 processed 5 billion ACH transactions with a value of aproximatelly $15 trillion. ACH was founded in order to reduce or to eliminate the use of paper checks. ACH is available only to US bank account holders.
How ACH works
A consumer can make an electronic credit payment instructed a bank to debit his/her account and to issue a credit to the bank account of the payee. Then the company creates a computer file of payment instruction and delivers the file to its servicing bank. The bank will debit its customer's account and deliver to the ACH an electronic file of all the payment instructions it has received from all of its customers.
ACH credit transfers include: direct-deposit payroll payments and payments to contractors. But ACH debit transfers include: mortgage loans, consumer payments on insurance premius, etc.