| Electronic Funds Transfer Payment Type | | Description | Electronic Funds Transfer Payment Type is the specific type of payment a person has designated for electronic funds transfer (EFT) of his/her federal wage, salary, or retirement payments.
Usage
Electronic Funds Transfer Payment Type is used to identify the specific payment type for electronic funds transfer (EFT) of a person's 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). | |