Ach Authorization Form Wells Fargo: Fill & Download for Free

After the Great Recession hit laws were passed to protect consumers. One of those laws stated that a bank could not allow you to overdraft on electronic transactions without your signed consent. If you didn’t consent in writing to allow overdrafting then your can’t overdraft at your ATM. The only exception are transactions that occur on a regular schedule, through an ACH transaction. Monthly car insurance is an example. A bank can overdraft you for that.ATM withdrawals, debit card purchases, POS transactions will be denied unless you authorize it. If you already did then it’s likely a policy of yoir bank to not allow overdrafting at their ATM.I’d discourage overdraft in this manner. You will get fees, a large one, and the bank could close your account. If you owe a balance they may send you to collections. It’s an expensive practice to engage in.

Wells Fargo (or any other bank) should never allow that to happen. Someone whose name is not on the account should be refused if they attempt to deposit funds into your account.Traceable electronic transactions such as ACH, direct deposit, and wire transfer are the only ones that should be allowed without being listed on the account as an owner or authorized depositor.

At a high level, the different types of companies involved with card payments are:Processor: A processor is a front-end network that enables a terminal, point of sale device or gateway to connect to the credit card networks for an authorization from an issuing bank. A processor is often also an authorization network and sometimes a bank, but not always. An example is Authorize/Cybersource (now Visa).Authorization network: They electronically settle sales tickets to a back-end network for eventual funding to a merchant's bank account. This is done through the automated clearing house (ACH) system by way of the acquiring bank. Front-end networks can be tied to back-end networks; they can also be separate. Examples are Global Payments, Chase Paymentech and First Data.Acquiring bank: An acquirer is normally a bank with a unique Bank Identification Number (BIN) that enables merchants to access the card networks for processing. Sometimes an acquiring bank rents their ability to acquire in what's known as a rent-a-bin. Examples are J.P. Morgan Chase, Wells Fargo, and Fifth Third Bank.Issuing bank: Issuing banks give credit cards to consumers and manage all the associated activities with a card program.Debit network: Debit networks are traditionally used for ATM transactions, but are making a push into payments with pinless and pin debit for card not present retail transactions. Examples are Star and Plus.Credit network: They consist of member banks that market card brand acceptance to merchants. They are responsible for compliance and overseeing the way their card brands are marketed on both the issuing (issuing cards to cardholders) and acquiring (accepting payments at the POS) sides of this business. Examples are Visa and Mastercard.ISO: This term is often used to indicate anyone selling bankcard services to merchants.Agent: An agent is an individual selling bankcard services to merchants for an ISO.Program Manager: Normally program management refers to a prepaid product, but is applicable to credit as well - in particular white label card programs. Program management can be identified as "being fully responsible for all manner of day to day operations in support of program, including but not limited to back office support functions interfacing with processor systems to ensure accurate account set up; individual card account maintenance, balancing and reconciling; chargeback and dispute resolution; lost and stolen card reporting; fraud reporting; customer service; and any other aspect of management of the program."Card Program: The total concept of the bank issued and settled cards in a Program Manager's portfolio whereby cardholders will be issued cards for funds distribution.Also part of the credit card ecosystem are companies that provide ACH processing, identity verification, card printing, direct mail, fraud prevention, lock box, point of sale and terminal hardware, and PCI compliance.I'm sure I've missed some others and there are many different types of relationships between these types of businesses, but this should be a good start for someone just learning about payments.