First PREMIER Bank/PREMIER Bankcard on LinkedIn: As 1 of 33 Nacha Direct members and the 12th largest ACH originating bank… (2024)

What is the process of an ACH transaction?1 INITIATIONThe process begins when an Originator — an individual, corporation, or other entity — decides to send an ACH transfer.2 SUBMISSIONThe Originator initiates the payment with their bank, known as the Originating Depository Financial Institution (ODFI).3 BATCHINGAfter receiving instructions from multiple Originators, ODFI batches these requests before sending them to an ACH Operator.4 PROCESSINGNext, the ACH operator processes each batch and arranges for the transaction amount to be debited or credited accordingly.5 SETTLEMENTFinally, payment reaches its destination after being routed through the Receiving Depository Financial Institution (RDFI).#Payments #PaymentProcessing Learn more about ACH payments, including how to set up ACH processing for your business. Check out the link in the comments for more.

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After UPI’s success in debit or bank account to bank account transfer, the NPCI is thinking big to create a revolution of sort in the credit market.

Role Play: Navigating Credit Approval Conversations---User (You):📞 Received a call this morning from +917396654479 claiming to be from RBL backend team. Exciting news – my RBL credit card approved with a 4.8L limit! 🎉Caller (RBL Backend Team):🗣 "Absolutely, your credit card is already approved!"You:🤔 Curiosity kicks in. "Is it already approved or subject to approval?"Caller:🗣 "It's already approved!"You:🤨 Digging deeper. "On what basis, though?"Caller:🗣 "Well, it can be approved based on other bank credit cards, CBIL, or transactions."You:🤷♂️ Seeking clarity. "So, my credit card is approved. But on what specific basis?"Caller:📴 Abruptly ends the call and won't take my calls now!---Reflection:🤔 What's the deal with our banking system? Where's the transparency, ethics, and morale? 🏦💼 Tried to understand the basis of my credit card approval, but the call got cut off. What kind of support team and backend staff do we have these days? Is there a lack of process in credit approvals? Share your thoughts! #BankingSystem #CreditApproval #TransparencyMatters 💳✨

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convenient and efficient services to our customers to make business operations easier.

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It’s never too late to start your journey to relaxation with NCB Merchant Bank's Fixed Deposit account. Begin with TT$10,000 or US$5,000 and enjoy interest rates of up to 3.75% per annum for TTD accounts or 4% for USD accounts.Open an account today by visiting https://lnkd.in/esuTevsZ or contact us at 622-4234 ext 75147 or 75242 for more information. #FixedDeposit #FixedOnTheFutureWithAFixedDeposit #InvestInYourFuture

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Zil Banking’s ACH transfer meaning you can pay and receive money securely at a low transaction rate. Sign up today!Learn more: https://lnkd.in/gft3rwBm#ACHTransferMeaning #ACHPayment

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#PSUBANKS#ATMsTRYST WITH PSU BANKS' ATMsWhat is wrong with PSU Banks' ATMs? This question would cross the minds of a great number of ATM cardholders of many, if not all PSU Banks. Whenever, anyone goes to draw money, either the ATM would be out of order, or occasionally if it works, the ATM would not have cash to dispense. This happens even where the ATMs are within the precincts of the Bank Branches. This compels the customer to try his luck with some of the Private Sector ATMs located near by, and mostly the attempt to withdraw cash would be successful. Once the operation is successful, immediately SMS would be received religiously from the PSU Bank, which would read: "Please use xxxx Bank ATM...". The lightning promptitude shown to generate the mechanical SMS is a mockery, when the state of affairs of their ATMs remains the same. The experience of many would be the same.

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Flagstar Bank, N.A. purchases deposits of Signature Bridge Bank, N.A. FDIC extends bidding process for Silicon Valley Bridge Bank, N.A. The Federal Deposit Insurance Corporation (FDIC) has entered into a purchase and assumption agreement with Flagstar Bank, N.A. for all deposits and some loans portfolios of Signature Bridge Bank, N.A. As receivership, the FDIC has the power and broad discretion to operate, liquidate, sell, merge, or resolve failed banks. The operative statutory provisions for receivership are under 12 USC §1821, 12 USC §1822, 1000(a) et seq. and 1000(d) et seq. A purchase and assumption agreement is when the FDIC receives bids where the bidder wants to purchase only part of a failed bank’s assets. It is a common and preferred method used by the FDIC to deal with a failed bank. As of today, Signature Bridge Branch, N.A. branches will open under Flagstar Bank, N.A. The bid made by Flagstar Bank, N.A. did not include the digital banking business worth approximately $4 billion. Flagstar Bank, N.A. was established in May 1987 and has been FDIC insured since June 1987. Flagstar Bank, N.A. is regulated by the Comptroller of the Currency. Their primary website is www.mynycb.com. On a similar note, the FDIC extended bids for Silicon Valley Bridge Bank, N.A. According to the FDIC, there has been interest from various parties and the bidders need additional time to review all options. During the process, Silicon Valley Bridge Bank, N.A. continues to operate and depositors will continue to have access to all of their funds. Regology#signaturebank #siliconvalleybank

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UPDATE: I got a call from the bank apologizing for this and asking more information about the call, which I was glad to assist them with, as well as suggest tips for improving. This is good, and shows that the bank is actively listening with a focus towards improvement.During lunchtime I received a call from a number that I recognised as the general line for National Development Bank PLC (NDB) . The person on the other end didn't introduce themselves, but asked if it was a convenient time to talk. He then asked me if I was interested in an NDB credit card, which bemused me because I do, and have had an NDB card for several years. He then asked me if I wanted to open a FD with the bank - another thing that I already have done numerous times in the past. Clearly he hadn't studied my customer history before making the call that wasted his time and mine as well. At this point I was getting a little irked. I told him that my family and I have been with NDB for years and we have pretty much everything he can promote to us, except loans as we don't take those.A little history, my family have been with NDB for over two decades since it was ABN Amro Bank, and I've been a customer myself for at least a decade. To receive a call like this shows a clear disconnect within the bank's departments. One hand doesn't know what the other hand is doing. It's an excellent lesson in bad marketing. #marketing #bank #customerservice #disconnect

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The focal point of the recent CFPB and FDIC issuances about the risks of uninsured funds held by nonbank payments companies is that many customer disclosures are not clear. Read more in our latest Bank Statements advisory by Greg Omer:

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