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For the purpose of this subchapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
ACH or AUTOMATED CLEARING HOUSE. A national and governmental organization that has authority to process electronic payments, including, but not limited to, the National Automated Clearing House Association and the Federal Reserve System.
ACH ARRANGEMENT. The agreement between the originator of the ACH transaction and the receiver of an ACH transaction.
ACH POLICY. The procedures and internal controls as determined under this written policy developed and adopted by the Township Treasurer.
ACH TRANSACTION. An electronic payment, debit or credit transfer processed through an automated clearinghouse.
(Board and Administrative Policies Manual, § 4.53)