Credit Unions Make List Of Top ACH Recipients, Not Originators
HERNDON, Va. - Two large credit unions made the list of the top 50 ACH recipients, according to NACHA, but none have made a similar list for originators.
Navy Federal Credit Union ranked 19th among ACH recipients, with over 70 million transactions in 2005 (up 18.1%), while State Employees Credit Union in North Carolina came in 35th with over 31 million transactions (up 31.1%). NACHA is the Electronic Payments Association with more than 11,000 member financial institutions and leads the way in developing electronic solutions to enhance the payments system.
Zions Bancorporation in Salt Lake City, headed by credit union antagonist Harris Simmons, came in 29th. This list was topped off by Bank of America in first and Wells Fargo in second.
No credit unions ranked among the top 50 originators, according to NACHA.