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Overview
The EFT Tab holds the employee configurations for EFT (Electronic Funds Transfer).
About EFT with InFocus
Electronic Funds Transfer or EFT is a method of transferring money from one bank account to another. InFocus saves this EFT bank information from the sender and receiver into a file that has to be uploaded to your bank separately. The bank then uses the EFT information to make the money transfer. InFocus supports Automated Clearing House (ACH) transactions which are a common type of EFT.
Field Descriptions
The following information is to be filled out if using EFT.
Settings
| • | Enable EFT - Check this box to enable EFT for this employee |
| • | Individual ID - Federal EIN of employee |
| • | Individual Name - Employee name |
| • | ABA / Routing - Employee's bank routing number |
| • | EFT Account # - Employees' bank account number |
| • | Savings Account - Check this box if it is a saving's account. Otherwise considered a checking account. |
| • | EFT Type (SEC) - Standard Entry Class code is how the EFT is classified to the bank. The supported EFT types are PPD (Prearranged Payments and Deposit), CCD (Cash Concentration or Disbursement) and CTX (Corporate Trade Exchange). Typically the PPD (Prearranged Payments and Deposit) type is used for company bank accounts. |
| • | Clear EFT Information - Click to explicitly clear EFT Setup information. Simply unchecking Enable EFT (see above) does not clear the information. |
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