Deposit (ACH) Cash Concentration is ideal for companies with multiple locations that use a local depository bank, but need to quickly concentrate receivables into one cash pool. First Tennessee's Touch Tone ACH system allows individual customer locations to report deposit activity through a toll-free touch tone system. ACH transactions are created to pull deposits from local banks into First Tennessee.
Additionally, the Pre-Authorized ACH Debits service enables you to directly debit your customers on a routine basis when they enroll with your company to approve such a payment method.
- Provides multiple locations with a toll-free number to report daily deposits
- ACH transactions are created easily with a simple phone call
- Using either delivery or a combination of both creates a single cash pool for your use to reduce debt, invest, or use for other working capital needs.
- Pre-Authorized ACH Debits service offers multiple transmission channels for delivery of data to bank.
Same Day ACH Credit Origination
NACHA and the Federal Reserve have approved rules regarding Same Day ACH transactions, starting with ACH credits, to be effective September 23, 2016. While all financial institutions will be required to receive same day ACH transactions, First Tennessee will also offer same day origination allowing your business to make payments faster. What this means:
- Any qualifying ACH credit transactions meeting NACHA rules which are sent with a “today” effective date will be processed for same day settlement.
- Same Day ACH will be a First Tennessee optional premium service and per transaction fees will apply for any ACH transactions which are initiated with a "today" effective date.
Additional information about ACH: