Payroll

[Nueva Koehler]

Does anyone know why the payroll deposits come in as EFT instead of ACH? 

[Guest]

Hi @Nueva Koehler. Thanks for the context there. I'm not sure that we can change the way that the payments are processed, but I'll pass this information along to our finance team for consideration. 

[Guest]

Hi @Nueva Koehler. Good question! Here's what I've found online: "The main difference between EFT and ACH payments is that EFT is an umbrella term for all digital payments, whereas ACH is only a specific type of digital payment. But they are both digital payments, and in fact, ACH is a type of EFT payment." For all intents and purposes, the two function the same way.

[Nueva Koehler]

@Melanie Ott they function the same way but there  are differences. I was waiting on a promotional offer from my bank. In order to qualify, I need to have qualifying direct deposits. I inquired about it and I was told my deposits don’t  qualify as direct deposits because an EFT is an umbrella term, it’s not specific. 
ACH is specific to direct deposits, direct payment  and can be considered income.