answersLogoWhite

0

The purpose of having ACH accounts at a bank is to be able to take out loans for reasons such as school payments and house mortgages, as well as banking purposes in general.

User Avatar

Wiki User

12y ago

What else can I help you with?

Related Questions

Can I transfer funds to another person using an ACH transfer?

Yes, you can transfer funds to another person using an ACH transfer, which is a secure electronic method of moving money between bank accounts.


What is the difference between ACH and eCheck?

ACH (Automated Clearing House) is a network that facilitates electronic money transfers between bank accounts, while eCheck is a type of payment that is processed electronically but still requires the use of a physical check.


ACH transfer routing number for chase bank?

ach number downstate ny


How can someone perform a bank ACH transfer?

ACH stands for Automated Clearing House. One can perform a bank ACH transfer by direct-deposit payroll payments and payments to contractors and vendors.


How do ACH transfer payments work?

ACH stands for Automated Clearing House, It is a network of computers linked between banks and financial institutions,. An ACH payment transpires when one entity such as a retailer, known as the "originator" makes an electronic request to a financial institution (the "receiver") for a transfer of funds. The availability of funds is first confirmed before the transfer takes place.


What is ACH Debit WM TELPAY?

ACH Debit WM TELPAY refers to a specific type of financial transaction involving the Automated Clearing House (ACH) network, where funds are electronically withdrawn from a bank account. "WM" typically stands for "water management" or a similar service, indicating the purpose of the transaction, while "TELPAY" is likely the name of the service provider facilitating these payments. This system enables companies to collect payments directly from customers' accounts, streamlining billing processes.


What is the ACH routing number for Bank of America?

031202084


What is an ach transfer?

ACH stands for automatic clearing house but it is an electronic funds transfer from one bank to another


What is ACH Debit?

ACH debit is a type of payment that allows companies to electronically withdraw funds from your bank account, using your bank routing number and your account number.


What is the process for submitting an ACH debit request?

To submit an ACH debit request, you need to provide your bank account information, the amount to be debited, and the recipient's bank details. This information is then sent to the Automated Clearing House (ACH) network for processing.


How much does an ACH transfer cost?

The cost of an ACH transfer can vary depending on the bank or financial institution you use. Some banks offer ACH transfers for free, while others may charge a small fee. It's best to check with your bank to find out their specific pricing for ACH transfers.


What is an ach enabled checking account?

An ACH-enabled checking account is a type of bank account that allows for transactions through the Automated Clearing House (ACH) network, which facilitates electronic payments and money transfers. This enables account holders to make direct deposits, pay bills electronically, and transfer funds between accounts seamlessly. ACH transactions are typically secure and can be processed quickly, making it a convenient option for managing finances.