ACH transactions

[Graham Todd]

On Fri, 24 Jul 2009 16:51:36 -0400
Steve Reilly <sfreilly at roadrunner.com> wrote:

> > BTW what are ACH transactions?
> >   
> automated clearing house
> 
> pos terminal readers read the routing and account # on the check, you
> get the check back after its converted electronically and transmitted
> to ACH.  merchants receive $$ alot quicker than paper checks.
> basically like using a debit card but its paper.  im sure theres
> something like it where you are, maybe not called the same thing.
> 
> 
> steve

Thanks Steve.

In the UK, cheques are usually only issued to persons having a Current
Account (and not all banks issue cheques), while businesses have a
Business Account.

I've never known cheques to be returned to Current Account holders as a
matter of course - I do not have a cheque book, for instance - and I am
given a Debit Card (not a Credit Card such as Visa or Mastercard) - to
enable me to withdraw cash from a "hole in the wall" (ATM machine) or
shop online.  If I want to get a *copy* of a cheque, the bank will make
a charge to me for the copy.

The contract for a Business Account is different, and I've always
assumed the business *does* get cheques back but likewise I've always
assumed the banks make a charge for doing so.

But that clarifies it. Thanks.

-- 
Graham Todd