Seven Credit Unions Make Top 50 ACH Receivers
Nacha finds the credit unions accounted for 3% of U.S. volume in 2020.
Seven large credit unions received enough ACH transactions to make the Top 50 list for 2020 published by Nacha, the Herndon, Va., association that governs the ACH Network.
The credit unions received 817.2 million direct deposits and direct payments in 2020, up 15% from 2019. The number represented about 3% of the 26.8 billion transactions received by banks and credit unions last year, up 8.2% from 2019.
The value of 2020 transactions rose 10.8% to $61.9 trillion, and the average transaction rose 2.4% to $2,310.
Among receiving financial institutions, the Top 50’s ACH payment volume rose 11% to 16.4 billion transactions in 2020. They accounted for 61.2% of total ACH Network volume, including payments received from the federal government.
“The volume increases in ACH payments in 2020 by banks and credit unions are truly remarkable given the challenges posed by the pandemic,” said Michael Herd, Nacha SVP for ACH Network administration.
The credit unions and their transactions were:
- Navy Federal Credit Union, Vienna, Va. ($135.7 billion in assets, 9.9 million members) ranked No. 9 with 415.1 million transactions, up 18.8% from 2019.
- State Employees’ Credit Union, Raleigh, N.C. ($47.4 billion in assets, 2.5 million members) ranked No. 21 with 133.1 million transactions, up 9.9% from 2019.
- BECU, Tukwila, Wash. ($26.8 billion in assets, 1.3 million members) ranked No. 35 with 67.7 million transactions, up 7% from 2019.
- America First Federal Credit Union, Riverdale, Utah ($14.4 billion in assets, 1.2 million members) ranked No. 37 with 54.8 million transactions, up 7.2% from 2019.
- Golden 1 Credit Union, Sacramento, Calif. ($16.3 billion in assets, 1.1 million members) ranked No. 38 with 53.9 million transactions, up 13.6% from 2019.
- SchoolsFirst Federal Credit Union, Santa Ana, Calif. ($23.7 billion in assets, 1.1 million members) ranked No. 42 with 51 million transactions, up 19.6% from 2019.
- Suncoast Credit Union, Tampa, Fla. ($12.3 billion in assets, 922,142 members) ranked No. 50 with 41.5 million transactions, up 12.9% from 2019.
In addition, Veridian Credit Union ($5.1 billion in assets, 250,851 members) was ranked No. 45 among originating institutions with 33.7 million transactions. It is based in Waterloo, Iowa, about 110 miles northeast of Des Moines.