Business Banking

ACH Origination

Use ACH Origination to efficiently disburse employee payroll and vendor payments or collect receipts electronically through any bank account.

Direct Deposit – deposit funds to your employee’s bank accounts for their payroll.

Accounts Payable – deposit funds to your vendor’s bank account for payments you owe.

Direct Debit – collect funds from customers for money they owe to you.

How it works:

  1. You receive authorization from your customer or employee to use ACH origination (they will also need to provide their banking information).
  2. Through our online banking system, you originate the ACH file and submit to Eastwood Bank for settlement. Many accounting software programs allow you to generate and upload the file directly to us.
  3. On the effective day of the file (which you set), both sides of the transaction settle.

The process is simple and the benefits are significant:

  • Reduce expenses – save on the cost of printing, signing and distributing checks.
  • Eliminate the risk of lost or stolen checks.
  • More efficient than collecting checks for payment.
  • Great benefit that employees and customers have come to expect.
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