What does OCRF mean? is explained earlier. You might also like some similar terms related to OCRF to know more about it.
An Automated Clearing House (ACH) deposit is an electronic transfer of funds using the Automated Clearing House. The Automated Clearing House is a secure network in the United States through which banks and other financial institutions can transmit electronic transactions. An ACH deposit means that funds are electronically deposited into an account.
You are here: Home âº ACH Payment Definition. ACH payment definition is the moving of money electronically. Essentially there is a communication network that uses the Federal Reserve Banking system to transfer money to and from checking/savings accounts.The Automated Clearing House is the name given to system that accomplishes the transfers.CH payment definition is allowing the typical business to collect a recurring payment without waiting for the customer to mail a physical check. By having the customer authorize the electronic debit to their account the transfer of funds is accomplished electronically.