Automated Clearing House (ACH)
Minnwest Bank's Automated Clearing House (ACH) service provides a fast, secure and accurate method to collect and disburse electronic payments. You can control timing, automate recurring transactions, reduce fraud, and reduce potential errors. ACH reduces check printing and handling costs, as well as check storage and account reconcilement costs. With this low-cost service, you will know exactly when your collections and disbursements will clear so you can accurately manage your business's cash position in real time.
One-Time or Periodic Payments
ACH Funds Transfers are created using our Business Online Banking services. Once you receive authorization from your customer, you can collect payments from their account or you can disburse payments to their account. ACH Funds Transfer templates are set up on a recurring or as-needed basis.
Funds transfers submitted to the bank after 4:00 p.m. CST will be processed the next business day.
Multiple Payments or Direct Deposit
ACH files are created using ACH software or our Business Online Banking service and then uploaded securely to Minnwest Bank. Once you receive authorization from your customers, you can collect payments or disburse payments to multiple accounts in one transaction. With ACH file collection, your customer's payment is withdrawn automatically from their account at the opening of the bank business day. Your account is credited the total file amount with immediate funds availability on the effective date per your file instructions.
When using ACH files to disburse funds to your customers, you will create and send the file through the same method as an ACH collection file. Minnwest Bank requires that you send the file a minimum of 2 business days prior to the authorized (effective) date of the disbursement. An immediate hold is placed on those funds on the clay the file is submitted to the bank. Your customers will be credited their payment on the effective date.
File transfers submitted to the bank after 4:00 p.m. CST will be processed the next business day
Transfer funds electronically from other banks to consolidate funds into one convenient location.
Forecast cash flow more accurately with ACH File
ACH Funds Transfer and ACH File Transfer are low cost solutions to your business banking needs.
Customized level of security for fraud prevention with our ACH Services in combination with Business Online Banking.
Save paper by reducing the number of paper checks issued with ACH Funds Transfer and ACH File Transfer.
Federal Reserve Holiday Schedule: http://www.federalreserve.gov/aboutthefed/k8.htm
NACHA Website-ACH Operating Rules: https://www.nacha.org/achrules
Instructions for ACH Rulebook: ACH Rulebook Instructions