NACHA, the Electronic Payments Association, has reported that five credit unions were among the top 50 recipients of ACH transfers in the U.S. in 2011. The five are Navy Federal Credit Union, State Employees' Credit Union, The Golden 1 Credit Union, America First Credit Union and the Boeing Employees Credit Union.
Total ACH payment volume nationwide grew to over 20.2 billion transactions in 2011, up 4.35% over 2010, the association said.
“These statistics show that more and more consumers and businesses are making the conscious decision to use electronic payment options over paper checks or cash,” said Janet Estep, CEO of NACHA. “As advancements within the payments industry continue, ACH payments also continue to adapt to meet various needs of both consumers and businesses alike.”
“Consumers want convenient, versatile, and secure payment options,” Estep added. “Direct Payment via ACH puts consumers in control and provides them with the flexibility to make payments through their bank or credit union’s online banking service, the companies they do business with, and via mobile applications. The breadth of safe and convenient payment options available through the ACH Network makes electronic payments a flexible choice for consumers.”