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What is ACH?

ACH stands for Automated Clearing House. Icon Bank offers ACH transfers along with many other deposit products through our Treasury Management Services. Automated Clearing House (ACH) is the name of an electronic network for financial transactions processing large volumes of both credit and debit transactions which are originated in batches. ACH credit transfers include direct-deposit payroll payments and payments to contractors and vendors. ACH debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills.

How does I-SCAN remote deposit work?

An image-scanning device allows you to scan checks and process deposits from your office. The system allows you to make check deposits electronically into single or multiple accounts without having to physically transport the deposit to the bank. To use I-Scan, simply create an electronic copy of the check by scanning the it through a small desktop device that reads the check's account information and the payment amount. The data is transmitted over a secure connection to the bank. To learn more, please call an Icon Team member (click here to find the location closest to you).

What is the USA Patriot Act?

Section 326 of the USA Patriot Act requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. This federal requirement applies to all new customers. This information is used to assist the United States government in the fight against the funding of terrorism and money laundering activities.

What this means to you is that when you open an account, we will ask each person for their name, physical address, mailing address, date of birth and other information that will allow us to identify them.

Additionally, FINCEN has adopted what they describe as a "two pronged" approach to beneficial ownership. The ownership prong includes all natural persons with 25% or more direct or indirect equity interest in a legal entity while the control prong is a single individual with significant managerial responsibility (the Rule says "control, manage or direct') over the legal entity.

We will ask to see each person's driver's license and other identifying documents and copy or record information from each of them.


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