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 Horizon Bank'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 Horizon Bank.
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.
NACHA and the Federal Reserve have approved a new rule that allows for processing Same Day ACH transactions. Same Day credits went into effect in September 2016. Same Day debits became eligible September 2017. While all financial institutions will be required to receive same day ACH transactions, First Horizon Bank will also offer same day origination allowing your business to make payments faster. What this means to you: