When are electronic payments issued?
If you authorize payment in advance, your EFT will be sent at 5 PM ET on the day you designated the payment to be sent. To have an EFT issued on the same day you authorize payment, you must authorize the transaction by 5 PM ET.
What happens if I don’t have enough money in my bank account?
As with a paper check, your account must be adequately funded to cover all payments. Some EFT transactions may clear your bank account the same day they are issued, so be sure your account is funded in advance to avoid bounced payments.
Why can’t I issue an EFT payment?
Although most large payees accept electronic payments, many smaller payees do not have the technology to accept them at this time. In these cases, you may issue a paper check. However, there may be other reasons why you are unable to issue an EFT payment, such as collections issues.
When is the money for an EFT deducted from my account?
Some EFT transactions can take up to three business days (from your scheduled payment date) to clear your account, while others may clear your bank account the same day they are issued. Be sure your account is funded in advance to avoid bounced payments.
How long does it take for an EFT to be received?
For payees that can accept EFT, we recommend that you set the payment date at least three business days in advance of the due date. Although, it’s important to note that some EFT transactions may clear your bank account the same day they are issued. Be sure your account is funded in advance to avoid […]
Are EFT payments safe?
Yes. Just like payroll direct deposit and ATM transactions, EFT payments are extremely safe. All payment information is encrypted with 128-bit SSL and sent through a secure communications channel. Information cannot be redirected, read, or tampered with.
