Remote ACH

Remote ACH

Pay employees or accept payments from customers with this secure service. Why cut checks or buy postage when you can transfer funds to anyone with just a few keystrokes? With Remote ACH from First Hope Bank, making and receiving payments has never been easier!

Summary

Remote ACH is a service that allows companies to send payments to or receive payments from their customers and employees electronically through the Federal Reserve's Automated Clearing House (ACH) System.


Customer Benefits:


  • Reduced number of trips to Bank
  • Greater employee productivity
  • Reduced time spent on check preparation, mailing or distribution
  • Faster access to information and improved decision-making capabilities
  • Improved availability of funds and enhanced cash flow
  • Reduced return item (NSF) risk
  • On-site remittance research capability
FAQ

Why should my company submit transactions this way?

You can now eliminate the time-consuming practice of writing paper checks to vendors, offer employees the convenience and security of direct deposit, and allow customers the convenience of paying invoices without a credit card.

How does it work?

You will be able to enter your payments, payroll or receivables into your business online banking using your personal computer. The transactions are then transmitted to the bank's service bureau for item processing through the Federal Reserve System to debit/credit your vendor/employee/client's bank account.

When will the funds be available?

Transactions are entered two (2) business days prior to their effective date. Funds are available on the effective date or, if the effective date is a non-business day, on the next business day after the effective date.

Can I enter transactions for clients or vendors outside the local area?

Absolutely! This is one of the best features of Remote ACH. Transactions can be entered to credit or debit any bank account with a US routing number and valid account number.

Is this the same process that I see being used by some retailers and utilities?

Yes, they are actually converting your check into an electronic transaction. This conversion is called an ACH (Automated Clearing House) transaction, which electronically debits your account. This is the same type of transaction you will be entering in your business online banking.

Is there a deadline for my transactions to be initiated on the same day?

Currently, the cutoff for same day processing is 2:00 p.m. ET. Transactions initiated and approved after 2:00 p.m. ET will initiate on the next business day.

How do I know if the bank received my deposit?

When your file has been received by the bank before our 2:00 p.m. ET cutoff time, you will see the status change from "initiated" to "processed" on your screen. You will be able to see the debit/credit to your account via the Business Online Banking system on the effective date.

What kind of transactions can I enter?

The chart below shows the types of transactions available with First Hope Bank Remote ACH services.

ARCAccounts ReceivableEnables originators to convert checks received via US mailbox location to Single-entry ACH debitsSingle Debit Only
POPPoint of PurchaseCheck presented by the originator to a merchant for purchasing a goods or service is presented as an ACH debit rather than a physical check.Single Debit Only
PPDPrearranged Payment and DepositThis SEC code is used to credit or debit a consumer account, generally used for payroll direct deposits or preauthorized bill paymentsDebit or Credit
RCKRe-Presented CheckA physical check that is presented but returned due to insufficient fund in the account holder, this may represent as an ACH entry.Single Debit Only
TELTelephone InitiatedEnables a single entry debit transaction to a consumers account through an oral authorization made by a phone call.Single Debit Only
WEBInternet-Initiated EntryEnables payment authorization is obtained from the customer via the Internet.Debit Only
CCDCorporate Credit or DebitUsed for Business to Business transactionsDebit or Credit
CTXCorporate Trade Exchangepayment or collection of obligations between separate businesses.Debit or Credit