getting set up with a new customer and they want all our banking info.acct.#etc.is that acommon practice with larger companies.i don't remember seeing tha before

They want it because they pay with ACH.

cgh1999 said:

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They want it because they pay with ACH.

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This.

thank you very much

I've had this discussion many times in the business world. People get so worked up about bank account information for some reason. All of relevant the information is printed on a physical check anyway.

Also of note, if you are trying to find a company's assets, just send them a check for a nominal amount. When the check is returned after it clears, most of the time it will be endorsed with the account number

thanks stat.i guess I need to educate myself on the mechanics.eg.can they withdraw money w/out my approval? like if they think they have a credit coming?

No. Unless you sign an authorization for them to debit your account, they should not be able to do that. If you have large balances or concerns, i would talk to your banker and asked him about ACH filter or ACH block service.

If you were to allow your suppliers to debit your account through ACH, Irecommend my clients have two accounts. One for the ACH transactions, and another for regular operations. This obviously comes with a fee, so it may or may not be necessary depending on the size transactions and deposit balance in your account.

thanks again

No problem. Feel free to PM me with any other questions

Now that you seem to be doing business with larger companies, get ready for the long vendor agreements with even longer fine schedules. "Labels have to be with sky blue ink and exactly 3.4" from the edge of the box"

cgh1999 said:

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I recommend my clients have two accounts. One for the ACH transactions, and another for regular operations. This obviously comes with a fee, so it may or may not be necessary depending on the size transactions and deposit balance in your account.

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This is great advice.

Intra account transfers are immediate nowadays.

So having your "main" account isolated except for internal transfers between accounts is probably the way to go in business and personal accounts.

Keep your main account is isolated from the outside world i.e. not used for routine ACH transfers in or out, and not connected online payment systems etc. So in the event of some sort of f-up the problem is compartmentalized.