Electronic fund transfer (EFT) is a method for direct deposit of employee payroll checks to their financial institutions. The transfer is accomplished by creating an EFT file during a payroll run. The file is then given to the employer’s financial institution to be transmitted to an automated clearing house (ACH). The ACH is normally a centralized, federal reserve bank that transmits necessary data for direct depositing to the employee’s participating depository financial institution (DFI). The difference between EFT direct deposit and the normal direct depositing option is that EFT depositing requires the employer to deliver the file to the financial institution.

Note:  All fields on the Bank Codes > EFT tab must be populated. Otherwise, the create EFT file process cannot be performed.