Automated Clearing House (ACH) Origination
Automated Clearing House (ACH) is a secure, nationwide electronic funds transfer (EFT) system that connects U.S. financial institutions. The ACH provides for the inter-bank clearing of credit and debit transactions among participating financial institutions. ACH credit transactions include Payroll Direct Deposit and Vendor Payments. ACH direct debit transactions include Cash Concentration and Consumer Payments (i.e. insurance premiums, mortgage loans, utility bills, etc.). Utilizing ACH is cheaper and faster than processing paper checks.
With Payroll Direct Deposit, you can significantly reduce the risk of check fraud for your company and the risk of check loss or potential fraud for your employees. With Payroll Direct Deposit, you can better manage your cash as you will know the exact clearing date of your payroll and will also eliminate the time-consuming and tedious tasks of check printing and storage. Finally, Payroll Direct Deposit makes it easy for your employees as they won't have to leave work to cash or deposit their paychecks.
Do you currently accept Credit and Debit Cards for payment at your business? Would you like to provide this service to your customers? Here at Progressive Bank, we provide credit and debit card processing services to business owners. We also have the ability to set up merchants to accept and process transactions over the Internet and with a Smart Phone. Various terminal types and printers are available for lease or purchase. In some instances, if you currently own your own terminals, they can be programmed for Progressive's Merchant Processing. Our staff will work closely with you to establish the most cost-effective and efficient technology platform.
These Sweep Services ensure that there are no idle balances in your business accounts. An Investment Sweep allows commercial customers to have excess funds in an operating account automatically transferred into an investment account administered by the bank's Investments Department. And, a Credit Line Sweep allows commercial customers to have excess funds in an operating account automatically transferred to pay on their lines of credit. The Credit Line Sweep can also work in the opposite direction and act as a means to transfer available funds from the credit line to the operating account.
Our Zero Balance Accounts (ZBAs) provide commercial customers more efficient use of their checking dollars. With ZBAs, one or more subsidiary accounts are tied to a master account. At the close of each business day, the subsidiary account disbursements and deposits are totaled. Funds are then transferred to or from the master account as needed to bring the subsidiary account to a zero balance.
To find out how your business can benefit from Progressive's Commercial Cash Management Services, e-mail our Cash Management Relationship Manager, Kalynda Cook.
For your protection, please do not include any sensitive information such as account numbers or service requests on e-mail. This e-mail should only be used for general questions or comments.
Corporate Office / Monroe