Consumer Benefits Using Automated ACH/EFT Payments

Consumer Automated Clearing House (ACH) Information Center
business owners click here

Home

ACH/EFT Payments
    Benefits
    Misconceptions
    FAQs
    How ACH Works

Direct Deposit
    Benefits
    Misconceptions
    FAQs
    How DD Works

Safety

Get Started

Regulation E

News

brought to you by:

Why should you use ACH/EFT Payment?

ACH/EFT Payment simplifies your life by taking the hassle out of paying your bills.

Most people spend the equivalent of three days a year paying bills. ACH/EFT Payment saves you that time.
Paying bills with checks can be a big hassle. For each bill, you have to write a check, address an envelope, find a stamp and remember to do it all in time to avoid late fees. ACH/EFT Payment spares you that hassle.
Since ACH/EFT Payments are made automatically, you don't have to be in town to pay your bills. This is perfect if you travel on business or go on a vacation.

ACH/EFT Payment saves you money.

According to NACHA: The Electronic Payments Association, an average family receives 20 bills each month. At this rate, postage alone costs each family almost $85 a year. Checks can easily cost another $30 a year.
Mailing a bill just a few days late may result in late fees of as much as $30 per bill. Some families will save hundreds of dollars a year with ACH/EFT Payment.
In 2000, Americans saved over $700 million in postage (at 33 cents per stamp) by using ACH/EFT Payments.

ACH/EFT Payment is reliable, accurate, on time and confidential.

ACH/EFT Payment is similar to Direct Deposit. Both have been around for more than 25 years and use the same network. In 1998, more than one billion payments were made by ACH/EFT Payment.
Each ACH/EFT Payment is deducted from your account on the due date each month so it is easy to track. In contrast, you never know when checks are going to be deducted from your account.
Few people see ACH/EFT Payments. They are confidential transactions. A check passes through many hands as it is processed.
ACH/EFT Payments can never be lost or delayed in the mail.

ACH/EFT Payment gives you greater control over your finances and provides the record keeping you need.

With ACH/EFT Payment, you know the exact payment date and amount well ahead of time.
With ACH/EFT Payment, you maintain a good credit rating by paying bills on time, every time.
With ACH/EFT Payment, you always have a record. Each bill that is paid automatically from your bank account is listed in your monthly bank statement.
With ACH/EFT Payment, consumers have the right to stop or reverse a payment they believe they did not authorize or is in error.
With ACH/EFT Payment, it is easy to invest and save your money consistently.

Did You Know?

ACH/EFT Payment can be used for many types of recurring payments, including:

Sources:
Direct Deposit and Direct Payment Coalition, www.directdeposit.org or www.directpayment.org
Board of Governors of the Federal Reserve System, www.federalreserve.gov
Mid-America Payment Exchange, www.mpx.org
NACHA, www.nacha.org