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Commonly Used Terms

  • ACH (Automated Clearing House): Every twenty-four hours, the Federal Reserve Bank in Atlanta creates four files for download that contain money transfers. This includes credits and debits to each member's account.
  • Goodnight: The nightly processing that is done to "close" the day.
  • OFAC (Office of Foreign Assets Control): At irregular periods, a file is received from OFAC that is used by credit unions to help them enforce economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.
  • CUSC (Credit Union Service Corporation): A commonly used vendor that provides support for "sharing," also called "shared branch" (i.e., providing services at multiple locations).