Q1: What do you mean by ACH Debit and Credit?

Q2: What additional costs are incurred to pay by ACH?

Q3. When will money be taken from our account?

Q4: What if we decide to change our payment option?

Q5: What should we do if we change financial institution?

Q6: Why do you need a deposit slip or voided check?

Q7. Do we have to use a certain financial institution to participate in ACH?

Q8: Must we have a separate bank account to use for ACH transactions?

ACH stands for Automated Clearing House. It is a nationwide electronic payments system used by more than 20,000 depository financial institutions, two million corporations, and a hundred million consumers. The ACH Network offers consumers, businesses, governments, and financial institutions a cost-effective, efficient, and secure mechanism for exchanging payments, both debits and credits, electronically.

ACH Debit and Credit are both electronic payment methods.

The "ACH Debit" transaction is one in which you authorize PUC to initiate a debit to your bank account for the amount written in line 33 of the OUS 2 form.

The "ACH Credit " is a method in which you, through your bank, originate an entry crediting the designated bank account of the OUS fund transferring from your own account.

Automated Clearing House (ACH) is a payment option. An ACH Agreement has to be completed and signed by the TSP and sent to the PUC at least 30 days before the first transaction. Agreement forms are sent in the first OUS 2 form packet or they can be downloaded from this website. A TSP has a choice of two methods of electronic payment: ACH-debit which has no cost to the TSP and ACH-credit which, has fees associated with the transaction specific to the TSP's financial institution.

If a TSP is paying by ACH credit, an ACH Credit Transaction Slip (Word) must be completed and faxed to the PUC to the attention of David Hillier (See PUC and OUS Contact Information) on the date of the transaction.

Go to TOP of PAGE

If your company currently initiates ACH transactions, costs would be minimal for an ACH credit. If not, it is most economical to opt for an ACH debit.

Go to TOP of PAGE 

Q3. When will money be taken from our account? 

On the 28^th of the month following the receipt of your quarterly OUS 2.  

Go to TOP of PAGE

You need to contact the OUS Administrator.

You need to sign and submit a new ACH Agreement  form.

The PUC/OUS uses the micro-encoded financial institution and account numbers, which appear on the bottom of the document to set-up the ACH account properly. These numbers can be difficult to read, so sending the deposit slip or voided check ensures that your transaction will be processed properly.  

Go to TOP of PAGE

Generally, no. Over 13,000 financial institutions in the United States are members of the ACH Network.

It depends on your company policy. Generally, a company can have ACH payments made to any bank account. Amount transferred is limited to what you authorized.

Go to TOP of PAGE