ACH Services & Direct Deposit
This convenient, affordable solution allows you to process transactions electronically so your
money moves at the speed of your business. You can use ACH services in your Digital Banking
account and mobile app to create one-time payments and to create templates to automate routine
payments. Payments are transactions you create to pay or collect funds.
Make expedited ACH payments on the same day they are drafted or approved. Our team will help set
up your account and discuss the guidelines to follow.
Templates help you reduce error rates, delegate tasks, and control regular payments.Templates
make it easy for you to set up and use repetitive payments, including:
- Payments to vendors and suppliers
- Collections from customers
- Direct deposit payments (does not include payroll management such as deductions or tax
Direct Deposit & Payment Collections
You can submit direct deposits or collect payments from others with the one-time or recurring ACH
payments. Templates can be set up to create efficiencies in processing your payments.
Subject to approval guidelines
- Magnifi Financial’s industry-leading multi-factor authentication ensures secure electronic
- Account alerts inform you about transfers, payments, and other transactions
- Payments are processed with ACH (Automated Clearing House), eliminating paper checks,
improving efficiency and cash flow management
- Avoid the possibility of fraud as a result of stolen or altered paper checks
Each user has access to different Transaction Types. Depending on your account configuration,
the available types can include some or all of the following:
- ACH PassThru: Upload a complex NACHA-format file that includes multiple
batches or non-standard SEC codes
- ACH Payment: Send funds to multiple recipients through the ACH network
- ACH Single Payment: Send funds to a single recipient through the ACH
- ACH Collection: Collect funds from multiple recipients
- ACH Single Receipt: Collect funds from a single recipient
- Payment from File: Import a list of recipients and amounts from a CSV file
or import a balanced NACHA format file to create an ACH batch.
- Direct Deposit: Send funds to multiple recipients through the ACH Network.
Optionally split the total payment to each recipient between multiple accounts.
- Domestic Wire: Send a wire transfer to a recipient in the United States
- International Wire: Send a wire transfer to a recipient in another country
Fill out our online form with some information
about your business and the products or services of interest. Your local Commercial Banking
Officer will be in touch within 1-2 business days.
Locate a Branch
You can open a business account or loan at any
Magnifi Financial location. Each location has a designated Commercial Banking Officer, but we
recommend you call ahead to make an appointment.
We have a dedicated phone line for business
members which will help you reach someone who can help faster and save you precious time.
Other Business Cash Management Services