ACH-verify bank information

edited October 11 in Finance & Operations

Hello,

I am curious to find out how often other foundations verify bank information if grantees are set up to receive grant payment via ACH and we only grant them once or twice a year. Who verify the account and routing number (Grants coordinators or Finance dep.) and how (email or call)?

Thank you,

Tagged:
KaraAdams

Answers

  • Hi Minal. We are not yet set up for ACH so I don't have an answer to your question. I am hoping others will respond to your question and hopefully provide ways they've automated this process so that the grantees are entering and updating the information directly to the bank or other ACH processor. Is that an option or am I dreaming?? Anyone have any luck taking your foundation out of the middle of that process?

    KaraAdams
Sign In or Register to comment.