What Does ACH Mean on My Checking Statements?
Bank statements can be confusing – especially when they include puzzling terminology like ‘ACH.’ You are not alone if you have ever looked at your checking account statement and wondered to yourself, "What does ACH mean?" ACH refers to Automated Clearing House, which is a national automated electronic funds transfer system. Many types of payments are made using the Automated Clearing House, including direct deposits, tax payments and bill payments. If you see an ACH transaction on your bank statement, it indicates that an electronic transfer of funding has been paid either to or from your bank account.
Most consumers establish ACH transactions as a normal part of their monthly banking routine. ACH transactions may be authorized to make a payment for a loan – or other account – one time or on a recurring basis. But regardless of the type or frequency of your payments, all ACH debits from your account must be authorized – including those set up to help automatically repay your loan at Speedy Cash. There are several benefits to using ACH debits to pay your bills. ACH is designed to be convenient, automatically paying your bills when you may otherwise forget to. In return, you can achieve significant savings in late fees and will spend less time paying your bills each month. ACH debits provide the opportunity to “set it and forget it” so that you never have to make a manual payment again. At Speedy Cash, we let our Customers establish an ACH payment plan that coincides with payment due dates.