Automated Clearing House (ACH) - ACH is a paperless payment system. It can be used for direct deposit of payroll, health club dues, insurance payments, mortgage payments, etc. Recurring credits or debits can be originated by you to your clients or other businesses via our Internet Banking.

BENEFITS OF ACH
ADVANTAGES TO CONSUMER

Direct Deposit offers the following benefits:
  • Elimination of time and cost involved in depositing checks.
  • Consistent availability of funds on a timely basis, even during vacation, illness, or business trips.
  • Elimination of possibility of lost or stolen checks.
  • Safe, secure and reliable.

Direct Payments offer the following benefits:
  • Convenience of not having to write checks.
  • Elimination of postage expense and risk of late payment.
  • Avoidance of late or interest charges through prompt, timely payments.
  • Establishment of excellent payment and credit records
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ADVANTAGES TO CORPORATIONS
  • Reduction of administration and operating expenses.
  • Reduction of clerical cost for account reconciliation.
  • Elimination of stop payment charges and check reissue costs.
  • Reduced remittance processing costs (paper handling) resulting from the absence of the check.
  • Accelerated availability of funds.
  • Better cash management forecasting.
  • Improved business relationships.
  • Certainty of delivery.
  • Possible reduction of bank service charges.
  • 97% of employees that use Direct Deposit are very satisfied.

American Bank of the North offers Cash Management to our Commercial Customers for a small monthly fee.

For more information on this product please call 218-327-2555 and ask to speak to our Business Relationship Manager.

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FDIC Insurance Estimator

American Bank is participating in the FDIC's Transaction Account Guarantee Program. Under this program, all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account through December 31, 2010. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules. Interest bearing transaction accounts are not guaranteed by the FDIC above normal insurance limits.


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