FAQ: Electronic Funds Transfer (EFT)

When can I reasonably expect to receive an EFT deposit once I have billed a state agency?

State law (State Finance and Procurement Article, Title 15-103) requires all valid invoices to be paid within thirty days after the later date of 1) the date of receipt of the invoice or 2) the date of receipt of the goods and services. A Payment Due Date is specified on all invoices submitted by state bill-paying agencies to the Treasury Department. The law doesn't require bills to be paid earlier than thirty days unless specified by contract or agency business practices. The payment due date is used to warrant disbursements to the State Treasurer by the State Comptroller and EFT disbursements take two bank work days to be deposited to your account on the due date once warranted by the State Comptroller. State agencies should enter the Payment Due Date for working fund reimbursements, disbursements to agency bank accounts, and for vendor invoice payments.