OFFICEBankersm Questions

  1. What is ACH?
  2. How does the ACH network work?
  3. How are ACH payments used?
  4. What types of transactions are available using the OFFICEBanker program?
  5. How would OFFICEBanker benefit my company?
  6. Do I need any special computer equipment or software?
  7. How secure are my transmissions?
  8. What are the costs involved?
  9. How do I sign up for the OFFICEBanker program?
  10. I already have OFFICEBanker, but have a problem / question

General Browser Answers

  1. What is ACH?

    ACH stands for the Automated Clearing House Network. It is a highly reliable and efficient nationwide electronic funds transfer system that banks can participate in to transmit or receive funds electronically. All transmissions are based on the NACHA file formats so they will be understood by all those involved.

  2. How does the ACH network work?

    answer

    Originator
    Any individual, corporate or other entity that initiates entries into the Automated Clearing House Network.
    Originating Depository Financial Institution (ODFI)
    A participating financial institution that originates ACH entries at the request of and by (ODFI) agreement with it’s customers. ODFI’s must abide by the provisions of the NACHA Operating Rules and Guidelines.
    Receiving Depository Financial Institution (RDFI)
    Any financial institution qualified to receive ACH entries that agrees to abide by the NACHA Operating Rules and Guidelines.
    Receiver
    An individual, corporation or other entity who has authorized an Originator to initiate a credit or debit entry to a transaction account held at an RDFI.

     

  3. How are ACH payments used?
    Direct Deposit (PPD)
    is the most common format. Used to disburse funds to consumer accounts. Examples would be payroll, pension benefits, interest, commissions, expense reimbursements and child support disbursements.
    Direct Payment (PPD)
    is used to collect funds from consumer accounts. Examples would be insurance premiums, mortgage payments, subscriptions, membership dues, monthly pledges and rents/leases.
    Cash Concentration and Disbursement (CCD)
    is used to collect funds deposited locally by branches or sales outlets to a central operating account. This format can replace expensive wire transfers between same ownership accounts in different institutions. It is also the required format for state and local tax payments mandated to be paid electronically. (TAX)
    Corporate Trade Exchange (CTX)
    is used to collect and disburse funds between 2 different companies. Business use CTX payments to pay one another for goods and services.
  4. What types of transactions are available using the OFFICEBanker program?
    Officebanker is programmed to correctly construct the following NACHA file formats:
    • PPD
    • CCD (TAX)
    • CTX
  5. How would OFFICEBanker benefit my company?

    There are many key advantages

    • Reduced banking costs. Because of the nature of an ACH transaction, they cost much less to process than paper transactions and are considerably less than wire transactions.
    • Faster, reliable, efficient cash management. Since ACH transactions are dependable, money is in or out of your account when expected. Invoicing, customer processing, mail delays – all can be drastically reduced or eliminated. And, because the transactions are electronic, account reconciliation is more automated that in a manual, paper environment.
    • Fewer exception items. Because manual handling is reduced, errors are reduced.
    • Flexible time frame. Your company can transmit electronic transactions to the bank 24 hours a day, 7 days a week.
  6. Do I need any special computer equipment or software?

    It depends which product you sign up for.

    • The telephone program uses any touch tone phone, therefore a computer is not even necessary.
    • The PC disk base program is compatible with most Windows operating systems.
  7. How secure are my transactions?

    Your electronic payment information is safe and secure. We use the newest technology in multi-level password protection. In addition, all transmissions are immediately verified and confirmed with your office by sending you a fax confirmation receipt.

  8. What are the costs involved?

    OFFICEBanker Fee Schedule

    Initial registration and training (Telephone service) No charge
    Initial registration, software and training (Computer service) $100.00 one time charge
    Standard Security ProcedureNo charge
    Call Back Security Procedure $5 per batch
    High Dollar Call Back Security Procedure $5 per batch
    Initial payroll set-up (if GSB prepares input) $3 per employee
    ACH batch transmission charge $5 per batch
    Tax payments $5 per payment
    Emergency posting after deadline $100 per occurrence
    ACH transaction charge $.15 per item
    ACH return item charge $4.50 per item
  9. How do I sign up for the OFFICEBanker program?

    Contact your Glenview State Bank account manager, or an eGSB representative at 847-729-1900.

  10. I already have OFFICEBanker, but have a problem / question.

    Contact your Glenview State Bank account manager, or an eGSB representative at 847-729-1900.