ACH (Automated Clearing House)

Let us help you develop your company’s Internal Guide for Managing ACH (Automated Clearing House) Transactions. Preventing fraud is top on your list!

82% of businesses have been victimized by payments fraud, according to the Payments Fraud and Control Survey (Click here to review the entire Survey). Of that 82 percent:

• 64% resulted from actions of an individual OUTSIDE the organization.
• 36% resulted from action of an individual INSIDE the organization.

Whether your business uses the ACH system to initiating direct deposit for employee payroll or you allowing others to pull payments directly from your checking account consider using the recommended best practices when developing your Internal Guide. Implement ACH Positive Pay filters to identify unauthorized transactions.

Return unauthorized ACH debits to your account within 24 hours

Set-up alerts for electronic transactions, monitoring return activity in particular

Implement dual control on initiating ACH Files – one employee initiates, and another approves and/or releases the file.

Utilize a designated computer for online banking with originating ACH transactions

Safekeeping of user passwords, pins and tokens

Reconcile accounts daily to identify unauthorized ACH debits through Business Online Banking

Always log off from online banking sessions

Set-up alerts for electronic transactions, monitoring return activity in particular.

Create a separate account for electronic debits initiated by third parties

REPORT IMMEDIATELY, anything that doesn’t look right.

1st State Bank will help put your plan into action. Contact your Branch Manager to discuss Secure Alerts, ACH Positive Pay and other fraud prevention services.