Basic Features Of Internet Banking

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o Product Features ƒ Disbursements are originated for any type of payment, including vendor payments, federal and state tax payments, and employee payments (e.g., direct deposit payroll, expense reimbursements, and pension payments). o Collections are originated for regularly occurring receivables (e.g., membership dues, rent payments, insurance premiums, and mortgage payments, installment payments). o Customers enter ACH Batches using the Corporate Internet Banking service ACH module or by sending an NACHA-formatted file to the bank for processing. o Future-dating of transactions is allowed (up to 30 calendar days for files sent through transmission; up to 45 days for batches manually entered or imported using Corporate Internet Banking…show more content…
The system calculates the Send Date based on the Effective Date entered by the client. Batches must be approved (if required) and in a Scheduled status before the last transmission to the bank on the calculated Send Date.
• Same-day Settlement: For payments that both originate and settle within the bank, the effective date can be the same as the current date. The option to allow same-day settlement is granted at the ACH Company level within the account setup.
 Same-Day ACH is only available for Domestic ACH credit transaction <$25,000
 International ACH (IAT) payments are excluded
 Payments to the federal government are excluded
 The deadline for Same-Day ACH is 10:00 AM PST
Refer to Same Day ACH for more information.
• Future-dated Payments: Batches may be future-dated up to 60 calendar days. Batches remain Pending in the system until the Send Date and may be modified or deleted until that date.
• Recurring Payments: Batches may be created for use one-time only, or recurring at intervals over a defined number of payments, or until the series is modified or canceled by the user. o Pending Payments: List of payment batches pending additional approval or scheduled for transmission to the bank; shows total dollar and number of debits/credits in each; details can be viewed; edits can be performed prior to approval (if the user is authorized); multiple batches
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