Enroll in Vendor Payment Direct Deposit Program
On October 22nd, all vendors with City contracts over $25,000 per year, or, human service providers, are required to enroll in the Vendor Payment Direct Deposit program. Electronic payment is faster and more secure than paper checks. All vendors are encouraged to enroll in the program.
Benefits of EFT Payments
- Electronic payment is safer and more secure - Paper
checks can be lost in the mail, stolen, or delivered to the wrong
address. When money is paid directly to your account, it cannot go
astray.
- Receive payment faster - Why wait for a check to
arrive in the mail? Payment by EFT is deposited directly into your bank
account, saving days of waiting.
- Save time - Money deposited into your bank account is
automatic. You save the time you used to spend at the bank, depositing the
check.
- Electronic payment records available online - Use the
City's website to see up-to-date records of the payments you've received,
which payments are scheduled to be deposited, and the corresponding invoice
number(s) for each payment.
To Enroll
Enroll in Vendor EFT / Direct Deposit Online
Download Enrollment Form (31k)
Download EFT FAQ's (34k)
You must provide all requested information in both the Vendor Information and Financial Institution Information sections. Please ask your bank for help in answering the questions in the Financial Institution Information section, if necessary.
Required Documents
To enroll for EFT payments, we must have one of your bank checks or a deposit slip for the account that you want us to use for your payments.
- Deposits to a checking account, include a blank check
with the word "VOID" written across it.
- Deposits to a savings account, include a pre-printed
deposit slip for the account
- You can also ask your bank's Automated Clearing House Department for a copy of the EDI (Electronic Data Interchange) format upon receipt of each deposit.
Mail or fax check or deposit slip to:
NYC Department of Finance
Financial Services, Electronic Funds Coordinator
66 John Street, 12th Floor
New York, NY 10038
Fax: 212-361-7063
When Will EFT Payments Begin?
Once we receive your completed application and a faxed or mailed copy of your check or deposit slip, we will verify your bank account information with your bank. This takes up to ten days. If there are no problems, your payments start being deposited directly to your bank account. If there is any problem during the verification process, a representative of the Department may contact you for further information to complete your enrollment.
How to Keep Track of Payment Information?
(Particularly If You Receive Payments from Several City Agencies)
If you do work for more than one City agency, your EFT payments may be consolidated. There are three sources of information that will help your business keep track of EFT payments and invoices:
- You will have access to the City's website for
information on past and future payments by invoice number.
- You can also ask your bank's ACH Department for a copy of the EDI (Electronic Data Interchange) format upon receipt of each deposit.
Contact Information
Use the Enrollment form - fill in your contact information and include a message
Email EFT Enrollment Coordinator
