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General Accounting Division>Vendors>Frequently Asked Questions>Electronic Funds Transfer FAQ

FAQ: Electronic Funds Transfer (EFT)
 
Frequently Asked Questions
  Vendors FAQ
  Backup Withholding FAQ
  Electronic Funds Transfer FAQ
1 - What is EFT?
2 - Will I receive notice from the State Comptroller's Office if any of my payment requests have been offset for tax liabilities owed the State?
3 - What is ACH?
4 - Are there any costs associated with ACH?
5 - At what level of detail will deposits show on my bank statement?
6 - Can I tell from the bank statement which state agency is paying me and which of my invoices are being paid?
7 - My company has only one TIN; however, it requires separate bank accounts for each accounts receivable (billing) location. Can I participate in the EFT program and request more than one bank account to receive the state disbursement?
8 - Why is a TIN important?
9 - Can I make changes or later decide I don't want to continue with EFT?
10 - How long does it take to start receiving EFT payments from the state?
11 - If I am missing an EFT deposit, what should I do?
12 - If I receive an incorrect EFT deposit what should I do?
13 - If I receive another company's EFT deposit, what should I do?
14 - When can I reasonably expect to receive an EFT deposit once I have billed a state agency?
15 - Can credit memos still be processed by an invoiced state agency and appear on the netted EFT deposit?
16 - Can I specify an ACH format, to be used to transmit the state's payment information to my bank?
17 - Can I specify the actual format of information (invoice number, amount, etc.) to be included in the ACH addendum record?
 
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