Transaction Code $E = EFT - ACH

ACH – Automated Clearing House

EFT – Electronic Funds Transfer

Both refer to the same thing and ae interchangeable. They refer to a transfer of funds between two different institutions for with a deposit or withdrawal to a specific account. They are used for depositing someone’s net payroll into accounts as is the case here at Oregonians but they can also be used for individuals to set up transfers between different institutions they do business with. For example a member has an auto loan with us but their checking account somewhere else.

We can “initiate” and ACH / EFT for an auto loan payment to be withdrawn from a members checking account at another institution. You will see more and more of these as the CUDL program continues to grow.

Transaction Code $A = Automatic - Automatic transfers done by the system

Automatic Transfers are internal transfers within our system. Payments to a loan can be set up to automatically transfer from the members account at Oregonians. This process is often used for the club accounts for other automated savings efforts.