EFT Payments General Information & FAQ
What is EFT?
EFT is the electronic transfer of funds from a company or organization into the checking or savings account of employees, retirees, payees or vendors.
Why should I sign up for EFT?
There are several reasons for signing up for EFT payments:
- Electronic payments are safer than checks. Electronic payments reduce occurrences of lost, stolen or damaged warrants.
- Funds deposited in your company's bank account are available the date your bank receives them.
- Once recipients have signed up for Direct Deposit, they do not have to go to their financial institution to access funds.
How do I sign up for EFT payments?
Complete the Direct Deposit Authorization form and mail or fax the form to the Minnesota Management & Budget. Click on the form title to open a PDF file of the form and instructions.
How long will it take before I can begin to receive EFT payments?
Your EFT will be activated approximately 14 days after your authorization form is received. During this time, forms are processed and a test transaction is sent to your financial institution. This test confirms that the bank routing and account information is accurate. If the test transaction is rejected, the vendor is contacted and the process begins again.
What will conversion to EFT cost me?
Vendors who already have an account established can generally arrange to have their payments sent by EFT at no extra cost. Contact your financial institution for more information about fees.
Can my bank charge me for payment information?
Yes, financial institutions are allowed to charge customers for providing remittance information. The state of Minnesota, Minnesota Management & Budget, has established a Supplier Portal where vendors can access payment information and identify the paying agency.
If an EFT payment fails, can you issue me a check?
Yes, this is a rare occurrence but may happen if you close your bank account and fail to notify us.
If I need one, can I still get a paper check?
Yes, the state of Minnesota will maintain the ability to issue a paper warrant.
Can I have my payments deposited in to more than one account?
Yes, if the vendor ID has multiple locations. Each location can hold bank account information.
How do I change my bank account?
Bank change forms are available on our website. We need to have a signed form with identifying information in order to make a bank change. Bank changes cannot be handled over the phone.
If my company changes banks, what should I do?
Immediately complete an EFT bank change form. If your company changes banks and closes its' account without notifying Minnesota Management & Budget, your EFT will be rejected. A paper warrant will be issued to the address we have on file, however, your payment will be delayed. If you moved recently and did not change your address with us, the check will be returned. We cannot issue a replacement check until the check is returned or 10 days have passed.
Adoption Assistance address changes must be processed through the Department of Human Services. Please contact their helpline at 651-431-4656.
Currently, we do not offer direct deposit to foreign vendors.