Perhaps reflecting their primary roles as savings institutions, four credit unions were among the top fifty receivers of payments through the Automated Clearing House system, according to the Electronic Payments Coalition.
Navy Federal Credit Union, the nation's largest CU, came in at No. 19 on the association's list of the top 50 receivers of ACH payments. State Employees' Credit Union in Raleigh, N.C. came in No. 31. The Golden 1 Credit Union in Sacramento, Calif., came in at No. 44, and America First Credit Union in Ogden, Utah, came in at No. 49.
No credit unions were on the association's list of the top 50 originators of ACH transactions.
"Across the board, financial institutions choose ACH transactions for their efficiency, ubiquity, security, and ability to deliver payments plus information," said Janet O. Estep, president and chief executive officer of NACHA. "All ACH originators and receivers recognize the value inherent to the flow of payments and information on the ACH network."
The NACHA top 50 originating financial institutions yielded 13.54 billion transactions in 2009, the organization said. The top five originating institutions made up 61.9% of the ACH transaction volume, up slightly from 61.6% in 2008. The top ten originating institutions accounted for 73.5% of the total ACH transaction volume, reflecting figures similar to those of 2008.