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Found Between the Pages

California Banks Gearing up Cashless Society

In an old social studies book, I found a photocopy of 1972 Newspaper article about banks switching to ACH Clearinghouse payments.

ACH payments are still used today between banks.  They bundle up a large number of transactions and then send the net amount to the other bank.  They also email/transmit a list of transactions for that amount.

It’s not quite the same thing as debit and credit transactions flying around via merchant services.  However, there is a pretty good chance your payroll is transmitted to your bank account via ACH.

 

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