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ACH Payments Top $18 billion in 07 |
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U.S. financial institutions and the federal government made more than 18 billion ACH payments combined in 2007, a 12.5% increase from 16 billion in 2006, according to NACHA, the ACH trade group.
ACH payments include direct deposit of payroll, Social Security benefits, tax refunds, direct payment of consumer bills, bill payments by Internet and telephone, check conversion, business-to-business payments, and federal tax withholdings.
NACHA said direct deposit, up 6.4%, to 5 billion payments from 4.7 billion, remains the most widely used type of ACH payment.
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