Best practice for verifying EFT information

August 10, 2020


Q. We are having a challenge finding what's best practice to verify that the information entered on the vendor's EFT application is:  Legitimate  The vendor's information  The correct banking information Can you please share your best practices? A. (Answered by the IOFM Advisory Panel) ----- We designed our EFT/ACH letter and fillable form, and our Legal department gave their blessing. The EFT letter/form is not available to the general public (see attached). We started our campaign to…

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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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