Comptroller of Maryland. Serving the People. Peter Franchot, Comptroller
Comptroller of Maryland
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FAQ: Electronic Funds Transfer (EFT)

Frequently asked questions about Electronic Funds Transfer for vendors.



 
Links for Electronic Funds Transfer FAQs
Accounting Information
Electronic Funds Transfer
Electronic Funds Transfer FAQs
  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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