| Financial Institution Depositor Account Effective Date | | Description | Financial Institution Depositor Account Effective Date is the calendar date on which a person designates a specific account, assigned by a financial institution, for electronic funds transfer (EFT) of his/her federal wage, salary, or retirement payments.
Usage
Financial Institution Depositor Account Effective Date is used to identify the calendar date a DoD Military Service member designated a specific account for electronic funds transfer (EFT) of his/her federal wage, salary, or retirement payments.
Each recipient of federal wage, salary, or retirement payments shall designate one or more financial institutions or other Authorized payment agents and provide to the DoD information necessary for the recipient to receive EFT payments through each institution so designated.
Financial Institution information is also used for EFT of savings allotments sent to financial institutions and discretionary allotments to non individuals (DoD FMR Para. C00502, C00503). | |