Electronic Fund Transfers

 

The West Virginia State Treasurer’s Office facilitate the electronic transfer of funds (EFTs) to and from bank accounts via the Federal Reserve’s Automated Clearing House (ACH). The process greatly reduces expenses and paper involved in both issuing and receiving checks. It offers a safe, convenient, and reliable method of conducting business with the state.

Frequently Asked Questions

How can the West Virginia Treasury help state spending units use ACH?

The West Virginia Treasury offers many ways to use ACH. State spending units can set up accounts with the West Virginia Treasury for a vendor to pay by ACH. Spending units can also set up a batch file to initiate a debit out of a consumers account, or a spending unit can set up payment pages through the West Virginia Treasury’s E-Government group to take ACH and credit card payments.

What can ACH be used for?

ACH can be used for direct deposits or direct payments.

What are the two main types of ACH transactions?

ACH credit and ACH debit are the two main types of ACH transactions.

  1. An ACH credit pushes funds into an account. An example of an ACH credit is when a vendor pays a state agency for an invoice through a West Virginia Treasury receipt account. Another example of an ACH credit is the use of Direct Deposit, which is the deposit of funds for payroll, retirement, disability payments, travel reimbursements, tax refunds, and expense reimbursements.
  2. An ACH debit occurs when a consumer initiates a payment to be pulled from an account. An example of an ACH debit is when a consumer uses the West Virginia Treasury’s E-Gov system to make a payment.

What are some of the benefits of using ACH?

ACH eliminates the need for using paper checks, allows for faster payment processing times, and saves in costs. The ACH Network is one of the largest, safest, and most reliable payment systems in the world.