Verifying ACH information

February 21, 2019


Q.¬†With the increased move to ACH payments to vendors, what procedural steps do you use to ensure the ACH data provided is accurate? A. (provided by the IOFM Advisory Panel): ----- It has been, and still is, our procedure to receive an authorized agreement form along with a voided check, savings slip or information from the vendors bank, indicating what is required (bank name, vendor 9 digit routing number and full account number), to set them up for ACH payments.¬† ----- Required for ACH is,…

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