ACH Debits
With Bank of Oklahoma's Automated Clearing House (ACH) service, your company may automatically collect funds from its customers.
Bank of Oklahoma's pre-authorized debit service reduces costs to your
company by eliminating invoice preparation and mailing, incoming mail
handling, and deposit preparation. Your cash manager will have greater
control of cash because the payment date is predetermined and the
funds may be utilized on the specified settlement date.
Your customers will appreciate the convenience. There will be no need
to remember to mail bill payments. Postage and time spent preparing
bill payments also will be saved. Your customers can always anticipate
payment deduction from their checking or savings accounts on a specific
date and have the assurance that their accounts at your company will
receive credit when their bills are actually due.
The
Way it Works...
Your company provides collection data to BOk. Several options are
available:
- NetConnect
- Mainframe data transmission
- Magnetic tape
- Diskette
Bank of Oklahoma posts transactions destined to BOk accounts and transmits all other transactions to the Federal Reserve Bank.
The Federal Reserve Bank disperses the transactions to their respective financial institutions.
Receiving financial institutions post debit transactions to your customers' savings or checking accounts on the payment due date.
The ACH Debit service is typically used to collect insurance premiums, utility payments, loan payments, association dues, subscriptions, and may be expanded to include a variety of other applications.
Benefits
- Convenient to customer.
- Greater control of cash.
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Highlights |
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Financial Position Update |
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>> For more information on our stable financial position, please click here.
To find out more information about BOK Financial, our parent company, please click here. |
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