RDFI (Receiving Depository Financial Institutions)

A financial institution qualified by the National Automated Clearing House Association (NACHA) to receive ACH transactions.

Related Terms

  • MICR (Magnetic Ink Character Recognition)

    The information printed on a check in magnetic ink. The MICR information helps MICR scanners retrieve important information from the check including the routing number, account number...

    Learn More

  • On-Us Entry

    Occurs when both the receiver and originator of a transaction have depository accounts at the same depository financial institution.

    Learn More