| Financial Institution Name | | Description | Financial Institution Name is the name of a bank, savings association, or credit union designated for electronic funds transfer (EFT) of a person's federal wage, salary, or retirement payments.
Usage
Financial Institution Name is used to identify the financial institution where a person receives electronic funds transfer (EFT) payments. The DoD requires participation in EFT as a condition of employment. This policy covers all categories of DoD personnel including civilians, military, military retirees, and annuitants.
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 par. C00502, C00503). | |