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Reduce the time and expense your company spends collecting recurring receivables with preauthorized electronic transfers.
First Midwest Bank’s ACH (Automated Clearing House) Collections service can save time and money by eliminating check processing. Using the Automated Clearing House, your customers can have their regularly scheduled payments automatically deducted from their bank accounts and deposited to your checking account.
| Common ACH Applications include |
| Insurance Premiums |
Utility Payments |
| Mortgage Payments |
Health Club Dues |
| Charitable Pledges/Contributions |
Loan Payments |
| Educational Tuition Payments |
Membership Dues |
| Security Monitory Service Fees |
Loan Payments |
| Homeowner Association Dues |
Subscription Fees |
The Advantages
Improved Forecasting: Your receivables are collected electronically and automatically to generate predictable cash flow.
Reduced Float: You directly control the payment effective date, enabling you to reduce collection float.
Lower Costs: You have the opportunity to reduce your costs associated with bill preparation and deposit processing.
How it Works
1. Obtain Authorization: You will need to obtain written authorization from your customers to debit their accounts.
2. Submit Data: Your data should be submitted to First Midwest Bank two business days prior to settlement.
3. Settlement: Your First Midwest Bank account is credited for the total amount of debits, and your customers’ accounts are debited on the designated effective date.
Contact a Cash Manager
Return to Concentration
Cash Concentration
ACH Collections
Wire Transfers
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