Many of you may have seen Electronic Funds Transfer forms on either our Foundation or DevCo websites. The name itself is enough to scare the begeebers (technical term) out of almost anyone. Actually, it’s one of the best ways of transferring money for the following reasons:
1. It’s safe. You don’t have to worry about a check being lost or stolen.
2. It’s efficient. An EFT processed today, will happen overnight tonight and be reflected on the books of both parties the following day.
3. It’s really easy to establish and use
4. It creates and provides a tracking of the transaction.
5. Banks, Bookkeepers and Accountants love it! Not sure? Ask the person who does your books.
Setting up the EFT is very simple. Simply complete the one page form, have two (2) Authorized Signers approve the form and attach a voided check at the bottom. Then you can mail or email it to us to keep on file.
For future transactions, simply check or indicate that you want the transaction done by EFT On File and we will make that happen – usually within 24 hours of receipt.
I know most of us … of a certain age … are really comfortable using checks and may have a disdain for electronic banking, but EFT transactions have been in use for 20 years or more and have really become the preferred way of doing transactions -for banks as well as bookkeepers. Both like it because of the speed and the transaction detail provided to all parties – the sender, the sender’s bank, the recipient’s bank and the recipient. All parties can see the transaction so there’s virtually no question about verification.
If you’d like to talk about EFT’s or want help in setting up an EFT arrangement, please feel free to call us at 800-521-1121.