The largest debit card issues in the US, Bank of America and JPMorgan Chase announced major changes to their overdraft-fee policies. The changes came in response the government pressure due to the rising number of consumer complaints about excessive fees. Senator Christopher J. Dodd, who is chairman of the Senate Banking Committee, promised to introduce…
Read more »Online bill payments with electronic checks are fast becoming the preferred method of paying bills for millions of Americans. Within a year, web-based payments will account for more payments than paper checks. According to NACHA, accounts receivables conversions (ARC), which is the code used to track paper checks sent to lockboxes for bill payments, registered…
Read more »Direct payment is the term used for paying bills electronically through the ACH payments network. Direct Payment goes by many names, including automatic bill payment, automatic debit, electronic bill payment, or direct debit. It can be used for one-time or recurring payments of all kinds, including loan and insurance payments, subscriptions, health club membership dues,…
Read more »