Florence Bank Business Online Banking

ACH Origination

– Overview

Automated Clearing House (ACH)

transfer is the electronic

transmission of a file which contains pertinent information to the

movement of funds between accounts. An ACH transfer is commonly

used to expedite direct deposit of payroll, pay bills, concentrate funds

from other financial institutions or collect membership dues. An ACH

transfer generally consists of multiple transactions and is referred to

as a “batch”.

The next pages cover:

Participants

Batches

Approve/Activity

ACH Pass-Thru

ACH File Import

At the Company’s option, ACH batches may be sent on the authority of

a single User or require dual control where one User initiates the batch

and a second User approves it. Batches initiated under a single User’s

authority will be processed immediately — no approval is required. If the

batch requires dual control or it exceeds the User’s transaction and/or

daily limits, it is given a status of Pending. A User with approval authority

must then approve the batch under the Approve/Activity function.