BofA Tops NACHA’s 50 Biggest Receivers

Bank of America Corp. took in far and away more ACH payments last year than any other receiving institution, according to statistics released today by the National Automated Clearing House Association (NACHA). The association's first annual ranking of receiving institutions shows BofA, headquartered in Charlotte, N.C., in first place for 2002 with 507.6 million payments, 54% more than the volume received by second-place finisher Wells Fargo & Co., San Francisco. Wachovia Corp., also of Charlotte; Bank One Corp., Chicago; and Seattle-based Washington Mutual Inc. round out the top five. The new ranking joins NACHA's annual compilation of the 50 largest originators of ACH payments. The receivers list shows far less concentration of activity among the largest institutions by volume than does the originators list. The five biggest originators control 49% of ACH transactions, whereas the five largest receivers account for only 22%. Moreover, the top 50 originators control 91% of all ACH traffic, compared to 47% for the 50 largest receivers. NACHA's ranking counts all volume received from so-called ACH Operators. Transactions exchanged within a single banking company–or “on-us” volume, as it's called–were not counted. The payments in large part were for direct deposits to consumers as well as consumers' electronic payments of mortgages, utility bills, and the like. The complete list is available at www.nacha.org