Electronic Funds Transfer (EFT) Clause Samples
The Electronic Funds Transfer (EFT) clause establishes the terms under which payments between parties will be made electronically, rather than by check or other manual methods. Typically, this clause specifies the required banking information, the timing of transfers, and any responsibilities for ensuring accurate and timely payments. By formalizing the use of EFT, the clause streamlines payment processes, reduces administrative delays, and minimizes the risk of lost or misdirected funds.
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Electronic Funds Transfer (EFT). The cooperator shall designate a financial institution or an authorized payment agent through which a federal payment may be made in accordance with US Treasury Regulations, Money and Finance at ▇▇ ▇▇▇ ▇▇▇, which requires that federal payments are to be made by EFT to the maximum extent possible. A waiver may be requested and payments received by check by certifying in writing that one of the following situations apply:
a. The payment recipient does not have an account at a financial institution.
b. EFT creates a financial hardship because direct deposit will cost the payment recipient more than receiving the check.
c. The payment recipient has a physical or mental disability, or a geographic language, or literacy barrier. In order to receive EFT payments, the recipient/cooperator shall register in the System for Award Management (▇▇▇). You may register by going to ▇▇▇.▇▇▇.gov and follow the instructions provided on-line. For assistance, contact the ▇▇▇ Assistance Center at (▇▇▇) ▇▇▇-▇▇▇▇.
Electronic Funds Transfer (EFT). All employees shall receive their pay via direct deposit. Employees shall authorize the direct deposit of the employee's compensation into a financial institution of the employee's choice or execute the required documentation to authorize the direct deposit into a financial institution designated by the Office of Budget and Management for the benefit of the employees.
Electronic Funds Transfer (EFT). The recipient/cooperator shall designate a financial institution or an authorized payment agent through which a federal payment may be made in accordance with US Treasury Regulations, Money and Finance at ▇▇ ▇▇▇ ▇▇▇, which requires that federal payments are to be made by EFT to the maximum extent possible. A waiver may be requested and payments received by check by certifying in writing that one of the following situations apply:
1. The payment recipient does not have an account at a financial institution.
2. EFT creates a financial hardship because direct deposit will cost the payment recipient more than receiving a check.
3. The payment recipient has a physical or mental disability, or a geographic, language, or literacy barrier. In order to receive EFT payments the recipient/cooperator shall register in the System for Award Management (▇▇▇). You may register by going to ▇▇▇.▇▇▇.gov and following the instructions provided online. For assistance, contact the ▇▇▇ User Help by contacting the supporting Federal Service Desk at (▇▇▇)▇▇▇-▇▇▇▇ or ▇▇▇.▇▇▇.▇▇▇ .
Electronic Funds Transfer (EFT). DISCOUNT
Electronic Funds Transfer (EFT). The County of Orange offers Contractors the option of receiving payment directly to their bank account via an Electronic Fund Transfer (EFT) process in lieu of a check payment. Payment made via EFT will also receive an Electronic Remittance Advice with the payment details via e-mail. An e-mail address will need to be provided to the County of Orange via an EFT Authorization Form. To request a form, please contact the agency/department representative listed in the Contract.
Electronic Funds Transfer (EFT). The electronic bank sweep initiated by the Lottery to pay Retailers for credit due to them, and to collect money owed to the Lottery.
Electronic Funds Transfer (EFT). If the Government makes payment by EFT, see 52.212-5(b) for the appropriate EFT clause.
Electronic Funds Transfer (EFT). To authorize electronic funds withdrawal from your bank account, you must complete and sign the EFT Authorization on PAGE 3 of FTB 3567. Your authorization allows us to automatically withdraw the agreed-upon funds from your bank account monthly on a date you specify. You must select an automatic withdrawal date that is no later than the 28th day of the month. If you select a date after the 28th, we will withdraw the amount on the 28th of each month. Failure to select a date will delay processing your installment agreement request.
Electronic Funds Transfer (EFT). The recipient/cooperator shall designate a financial institution or an authorized payment agent through which a federal payment may be made in accordance with US Treasury Regulations, Money and Finance at ▇▇ ▇▇▇ ▇▇▇, which requires that federal payments are to be made by EFT to the maximum extent possible. A waiver may be requested and payments received by check by certifying in writing that one of the following situations apply:
1. The payment recipient does not have an account at a financial institution.
2. EFT creates a financial hardship because direct deposit will cost the payment recipient more than receiving a check.
3. The payment recipient has a physical or mental disability, or a geographic, language, or literacy barrier. In order to receive EFT payments the recipient/cooperator shall register in the Central Contractor Registry (CCR). You may register by going to ▇▇▇.▇▇▇.▇▇▇ and following the instructions provided online. For assistance, contact the CCR Assistance Center at ▇▇▇-▇▇▇-▇▇▇▇ or ▇▇▇- ▇▇▇-▇▇▇▇
Electronic Funds Transfer (EFT). All payments due under this Agreement shall be made by EFT (automated clearing house) in the United States dollars and shall be delivered to the applicable Party’s bank account as designated in writing to the other Party.