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
To use the ACH Debit option, please complete
contact your bank to determine if your bank
Section A and Section B before returning the form
offers ACH Origination. Please have your bank
to the Electronic Funds Transfer Program Office.
complete the specific portion of the Authorization
After we receive the Authorization Agreement,
Agreement (Form EFT) as verification that your
the State’s service bureau will mail you specific
bank can conform to these standards. Also,
instructions on the initiation of Electronic Funds
please complete Section A and Section C before
Transfer. You authorize each payment amount
returning the form to the Electronic Funds Transfer
to be transferred from your bank account to the
Program Office.
State’s bank by using a toll-free number.
Supplemental filing information must be sent with
After completing the call, the Comptroller of
your payment using the ACH standard CCD+
Maryland is responsible for the successful
format and the TXP addenda record. The Cash
completion of the transaction. The State’s service
Concentration or Disbursement (CCD) is the most
bureau will provide you with a verification code
basic form of ACH payment. The CCD format can
indicating that you have completed the necessary
be processed by all ACH-member banks. The
steps for the initiation of the Electronic Funds
TXP addenda record allows the format to carry
Transfer.
additional characters of payment-related data.
Important characteristics of the ACH Debit
The TXP will be used for tax registration, tax type
transactions are:
code, tax period end date.
It’s easy
Just place a toll-free call to
You will initiate the credit transaction through your
make your tax payment.
bank to the State’s bank account for the amount
of your tax payment.
It’s predictable Only the amount you specify
will be transferred to the
An ACH origination charge from you bank will
State’s bank account on the
be incurred by you if you select the ACH Credit
date specified.
option.
It’s accurate
The
service
bureau
will
Important characteristics of the ACH Credit
provide a verification code as
transactions are:
your proof of payment.
•
Credit transactions require you to enter all
It’s secure
Only
you
will
have
the
payments related data in the standard CCD+
password required to initiate
TXP.
a payment.
It’s flexible
Extensive
editing
and
•
The costs of the ACH Credit transactions are
correction
data
can
be
incurred by you.
performed
before
the
•
You are responsible for your own proof of
transaction is completed. This
payment.
means that transactions are
virtually error free.
It’s inexpensive Cost 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.
COM/RAD-072 Rev. 10-10
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