GAD - Vendors - EFT FAQ

Comptroller of Maryland. Serving the People. Peter Franchot, Comptroller

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FAQ: Electronic Funds Transfer (EFT)

Can I specify an ACH format, to be used to transmit the state's payment information to my bank?

Yes. You may specify CCD+, CTX, or EDI. There may be a deposit fee charged by your bank for the CTX or EDI formats, and you must contact your bank to receive this format.

Additional Links: Electronic Funds Transfer FAQ

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Frequently Asked Questions

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?