[Home] [Case
Search] [FAQ] [Office]
[Other Sites]
Electronic Fund Transfer
To become an EFT customer, complete an EFT Data Acceptance Form and email it to 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 200 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:
- Remitter information
- Dollar amount to be deposited to your account
- Identification number of your bank
- Identification number of your account
- Payment date
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:
- Chapter 13 case number
- Debtor's and co-debtor's names
- Your account number
- Dollar amount of the payment
- Payment date
- Social security number
- Amount paid to date
Contact
To become an EFT customer, complete an EFT Data Acceptance Form and email it to eftinfo@chi13.com.
eft.html -- Revised: 9/18/20
Copyright © Office of the Chapter 13 Trustee
[Home] [Case
Search] [FAQ] [Office]
[Other Sites]