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Electronic Fund Transfer

To become an EFT customer, complete an EFT Data Acceptance Form and mail it to Marilyn O. Marshall, 224 S. Michigan, Suite 800, Chicago, IL 60604. If you have questions, you can fax Marilyn O. Marshall at (312) 453-7172 or email eftinfo@chi13.com.

An Electronic Fund Transfer (EFT) is the transmission of money from one business to another.

Money is transferred via computer from our bank account to your bank account. This transfer of funds replaces the mailing of standard checks and creates a single deposit transaction on your bank statement.

The EFT process does not allow us access to any information about your bank account nor would it allow us to charge your account. The only transaction we can process is a deposit of funds.

The trustee's office is currently using this process with over 70 creditors, including state and federal agencies, banks and mortgage companies.


What are the benefits?

Speed of payment
EFT eliminates postal service delays. "The check is in the mail" will be a phrase of the past! Disbursements are made the third Friday of each month and the funds are immediately available to you.

Cost savings
Most banks typically charge less to process a single electronic deposit than a multiple check deposit.

More information for faster processing
We will email an Excel data file that contains a detailed breakdown of your deposit. These reports will have more information than is currently printed on our checks.
This information will allow your staff to process payments more efficiently than in the past.

Get a jump on tomorrow
This method of payment will be the standard.
Experts cite the following reasons for the increase in the use of EFT: certainty of payment date, speed of settlement, and most importantly, cost savings.

How does EFT work?

The Office of the Chapter 13 Trustee will initiate the EFT process by transmitting data to our bank. We will transmit the following information: This information is processed along with other bank transactions and relayed by computer to the Federal Reserve.

The Federal Reserve, using the Automated Clearing House (ACH), transmits the deposit to your bank which then credits your account. The ACH is a computerized payments facility that is used to exchange debits and credits.

At the same time the Trustee initiates the process with our bank, the Trustee will email an Excel data file to your office.


What do you receive?

You will receive an Excel data file from the Trustee's office that will provide the detail of the EFT deposit to your account as follows:


Contact

To become an EFT customer, complete an EFT Data and Acceptance Form and mail it to Marilyn O. Marshall, 224 S. Michigan, Suite 800, Chicago, IL 60604. If you have questions, you can contact Marilyn O. Marshall at (312) 431-1300, fax Marilyn O. Marshall at (312) 453-7172 or email eftinfo@chi13.com.


eft.html -- Revised: 8/26/13
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