Daily One Banking Term : 04 Sep 17

✔️ Automated Clearing House (ACH):
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▪️A computerized facility used by member depository institutions to electronically combine, sort, and distribute inter-bank credits and debits.

▪️ACHs process electronic transfers of government securities and provided customer services, such as direct deposit of customers’ salaries and government benefit payments (i.e., social security,
welfare, and veterans’ entitlements), and preauthorized transfers.

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