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Automated Clearing House FileThe automated clearing house file contains the instructions for how the money is to be transacted between financial institutions. This file is generated manually by terminals that accept credit card payments. It shows the debits and credits that occur automatically from a particular user's account. The automated clearing house file is updated every time a transaction occurs.Merchants and banks can check the automated clearing house file when there is a transaction that is in question. It will show exactly when the transaction occurred, how much money was involved, what account was credited the money, and what account the money came from. All of this information can be helpful at times, but is extremely tedious to have to count and record manually. Automated clearing house files save a lot of time and energy for banks and merchants when trying to keep detailed accounts. They should be checked from time to time, however, for accuracy. More Glossary Terms Explained here |
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