Pay and collect with greater speed, accuracy and efficiency through one of the world’s safest, most reliable payment networks. Use ACH to help improve forecasting, reduce exposure to check fraud, cut expenses and get faster access to funds.
How ACH can help keep you safe
Switching from checks to ACH can greatly help reduce risks. Our fraud prevention tools can protect you against unauthorized transactions to your accounts.
ACH Positive Pay: Take control of ACH transactions received in your accounts. Automatically accept transactions from authorized trading partners and make real-time decisions to pay or return unauthorized transactions.
Account Validation: Reduce the potential for payments to unintended or fraudulent counterparties. Pre-validate the ownership and/or status of the receiver’s bank account prior to originating an ACH transaction.
Ways to use ACH
Make and receive a wide range of recurring and nonrecurring payments.
Direct deposit: Pay employees and other consumers
Consumer receipts: Collect utility bills, insurance premiums, mortgage payments and more
Business payments: Send funds to suppliers and other B2B counterparties
Tax payments: Make federal, state and local tax payments
Cash concentration: Consolidate funds from various locations
Cross-border: Connect in Canada, Mexico, Panama and Europe
How ACH works
While most ACH transactions post on the following day, we offer same-day posting for eligible transactions destined for accounts at Bank of America and other Receiving Depository Financial Institutions.
It’s easy to ACH payments and receipts via CashPro® ACH, CashPro® Connect and CashPro® API. You can create and deliver a standard ACH-formatted file using your business software, a payroll vendor or our ACH service.
Nacha rule changes
Nacha administers the Operating Rules for ACH payments. The ACH network connects U.S. bank accounts and offers an efficient way to move money from one bank account to another. Learn more about new ACH rules below.
JUNE 30, 2021
Supplementing Data Security – Phase 1 – To the existing NACHA Rule Section 1.6 (Security Requirements), this Rule adds a sentence stating that each Non-Consumer Originator that is not a Participating Depository Financial Institution, each Third-Party Service Provider and Third-Party Sender, whose ACH Origination or Transmission volume exceeds 6 million transactions annually must, by June 30 of the following year, protect Depository Financial Institution Account Numbers used in the initiation of transactions by rendering them unreadable when stored electronically.
SEPTEMBER 17, 2021
Consumer Debit Authorization Minimum Data Elements – Beginning on September 17th, in addition to the general requirements for an authorization, as defined under Subsection 2.3.1 (General Rule – Originator Must Obtain Authorization from Receiver), an authorization for a debit to a Consumer Account of the Receiver must, at a minimum, include the following data elements, per Subsection 184.108.40.206. (Debits Entries to Consumer Accounts):
- (a) Language regarding whether the authorization obtained from the Receiver is for a Single Entry, multiple Entries, or Recurring Entries;
- (b) The amount of the Entry(ies) or a reference to the method of determining the amount of the Entry(ies);
- (c) The timing (including the start date), number, and/or frequency of the Entries;
- (d) The Receiver’s name or identity;
- (e) The account to be debited;
- (f) The date of the Receiver’s authorization; and
- (g) Language that instructs the Receiver how to revoke the authorization directly with the Originator (including the time and manner in which the Receiver’s communication with the Originator must occur). For a Single Entry scheduled in advance, the right of the Receiver to revoke the authorization must afford the Originator a reasonable opportunity to act on the revocation prior to initiating the Entry.
With respect to a Standing Authorization, these minimum standards for a consumer debit authorization may be met through a combination of the Standing Authorization and the Receiver’s affirmative action to initiate a Subsequent Entry. Where these Rules provide that authorization for an Entry may be obtained by notice to the Receiver, the Receiver’s authorization may also be obtained by a signed, written authorization that meets the requirements of this subsection.
Speak with your Bank of America representative to learn more.