Electronic Funds Transfer (EFT)
Electronic Funds Transfer sends payments directly to your
entity or agency’s bank account. EFT is expanding and
if not already available in your area, it will be available
soon. Payments can be tracked through our web site under Financial
Resources, FRIS Inquiry, payment search. The features/benefits
of this application are:
- EFT is an efficient, convenient method of receiving payments
- No waiting period for checks to clear the bank
- No paper checks that might get lost, stolen or damaged
- Payments are traceable
- No trips to the bank to make deposits
- Payments are deposited even when you are closed for the
day
- Enrollment uses a simple, one-page application
- EFT will eventually eliminate reams of paper generated
daily related to payments
Enrollment - Contact Funding & Disbursements Services
Division. You will be sent an information packet explaining
the Electronic Funds Transfer (EFT) program and an application
for enrollment. All federal and state program payments will
be transmitted electronically after EFT has been initiated.
Bank Arrangements - Contact the bank or financial
institution of your choice and discuss their electronic service
capabilities. Arrangements should be made with your bank on
when and how you will be notified of the deposit and addendum
record. This notification may be in the form of a telephone
call from the bank, a credit slip either faxed or mailed,
or a computerized communication as soon as the deposit is
made.
Addendum Record - The addendum record transmitted
with each deposit identifies the program being paid. This
is extremely important to avoid delays in identifying and
accessing payments. The addendum record includes the project
year, revenue code, voucher number, voucher date, amount and
other pertinent information.
Questions:
Mary Morrison
Beth Roughley
Funding and Disbursement Services Division
217/782-5256
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