RDFI (Receiving Depository Financial Institutions)

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

Related Terms

  • Lockbox

    Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the...

    Learn More

  • POS (Point-of-Sale)

    A one time debit entry to the account of a receiver where the entry is initiated at an electronic terminal. POS transactions are generally initiated with a...

    Learn More