Form Eft - Authorization Agreement For Electronic Funds Transfers Page 3
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3ACH CREDIT OPTION
ACH DEBIT OPTION
To use the ACH Credit option, you must first contact your bank
To use the ACH Debit option, please complete Section A and
to determine if your bank offers ACH Origination. Please have
Section B before returning the form to the Electronic Funds
your bank complete the specific portion of the Authorization
Transfer Program Office.
Agreement (Form EFT) as verification that your bank can
After we receive the Authorization Agreement, the State’s
conform to these standards. Also, please complete Section A
Service Bureau will mail you specific instructions on the
and Section C before returning the form to the Electronic Funds
initiation of Electronic Funds Transfer. You authorize each
Transfer Program Office.
payment amount to be transferred from your bank account to
the State’s bank by using a toll-free number.
Supplemental filing information must be sent with your payment
using the ACH standard CCD+ format and the TXP addenda
After completing the call, the Comptroller of Maryland is
record. The Cash Concentration or Disbursement (CCD) is
responsible for the successful completion of the transaction.
the most basic form of ACH payment. The CCD format can be
The State’s Service Bureau will provide you with a verification
processed by all ACH-member banks. The TXP addenda record
code indicating that you have completed the necessary steps
allows the format to carry additional characters of payment-
for the initiation of the Electronic Funds Transfer.
related data. The TXP will be used for tax registration, tax type
code and tax period end date.
Important characteristics of the ACH Debit transactions are:
You will initiate the credit transaction through your bank to the
It’s easy
Just place a toll-free call to make your tax
State’s bank account for the amount of your tax payment.
payment.
It’s predictable
Only the amount you specify will be
An ACH origination charge from you bank will be incurred by
transferred to the State’s bank account on
you if you select the ACH Credit option.
the date specified.
Important characteristics of the ACH Credit transactions
It’s accurate
The Service Bureau will provide a
are:
verification code as your proof of payment.
•
Credit transactions require you to enter all payments
It’s secure
Only you will have the password required
related data in the standard CCD+ TXP.
to initiate a payment.
It’s flexible
Extensive editing and correction data can
•
The costs of the ACH Credit transactions are incurred by
be performed before the transaction is
you.
completed. This means that transactions
are virtually error free.
•
You are responsible for your own proof of payment.
It’s inexpensive
Costs for an ACH Debit are primarily
borne by the State. Your bank may have
a nominal fee for processing the debit, but
it is generally the same cost as a check, or
less.
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COM/RAD-072
13-49
Rev. 06/13
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