ACH Funds Transfer

What is "ACH" ? - "Automated Clearing house"

The ACH system is a highly reliable and efficient nationwide batch-oriented electronic funds transfer system governed by the NACHA OPERATING RULES which provide for the interbank clearing of electronic payments for participating depository financial institutions. The American Clearing House Association, Federal Reserve, Electronic Payments Network, and Visa act as ACH Operators, central clearing facilities through which financial institutions transmit or receive ACH entries.

Originator

Any individual, corporation or other entity that initiates entries into the Automated Clearing House Network.

Originating Depository Financial Institution (ODFI)

A participating financial institution that originates ACH entries at the request of and by (ODFI) agreement with it's customers. ODFI's must abide by the provisions of the NACHA operating Rules and Guidelines.

Receiving Depository Financial Institution: (RDFI)

Any financial institution qualified to receive ACH entries that agrees to abide by the NACHA Operating Rules and Guidelines.

Receiver

Receiver is an individual, corporation or other entity who has authorized an originator to initiate a credit or debit entry to a transaction account held at an RDFI.

Please fill out ACH Authorization Form and attach a void check with the bank account you are going to have ACH funds transfer. ACH Authorization Form authorizes Penson Financial Service to settle the purchase of securities ordered through PCITrade by debiting the customer's PCITrade account, and to deposit the net proceeds on the sale of securities by crediting the customer's bank account. PCITrade will process this authorization "On Demand" only. The customer must inform us when they wish to transfer their position into their bank accounts. The same is true to transfer funds from their bank accounts into their PCITrade accounts.

Once the ACH is activated, you can request funds to be credited or debited to your PCITrade account or your bank account by calling PCITrade 1-510-818-9668. This will simplify your trading activities.
 

ACH Authorization Form

Last Update: 07/10/2006