Bankers use a lot of acronyms and you’ve likely seen these before. EFT stands for Electronic Funds Transfer and ACH is ‘short’ for Automated Clearing House. An EFT could be a wire transfer that moves money from bank to bank immediately through the Federal Reserve System. An EFT could also be a credit that moves through the Automated Clearing House for posting on a future date. One of the best examples is direct deposit of payroll. Sometimes EFT and ACH are used interchangeably. Either way, A2SB helps you best manage your cash flow by providing you with the means to electronically send payroll credits, make payments to vendors or collect money owed you.
ACH Debit Block
ACH Debit Block will help protect your business against unauthorized ACH transactions. ACH Debit Block allows you to block all electronic drafts or specify which companies are authorized to post debits to your accounts while automatically blocking those that are not authorized.
Help Protect Against Unauthorized Account Activity
You may need to allow your business partners, government agencies or other ACH debit originators to draft your account for payment. But you need to protect your company from unauthorized ACH debit transactions and enforce your ACH debit policy at the same time. A2SB’s ACH Debit Block enables you to choose how to handle Automated Clearing House (ACH) transactions ahead of time.
Block All ACH Debits
You can choose to block and return all ACH debit transactions from being presented for payment against designated accounts that should not have ACH activity.
Filter ACH Debits
For accounts that require taxes, payroll or other preauthorized debit transactions, the bank’s ACH filtering services allows you to predefine the authorized transactions and block and return any that are not authorized.