What is EFT and can everyone participate?
EFT is the electronic transfer of funds from the State Controller’s Office (SCO) to a state-contracted bank and then directly into a vendor’s designated banking account. Vendors can authorize payments to be made directly to either a savings or checking account. Once SCO receives notification of payment from Caltrans, four working days are required to electronically transfer funds to a vendor’s account. After the funds are transferred, a paper remittance advice will automatically be sent to each vendor detailing the specific account the payment was posted to, as well as the amount of the payment that was issued. Participation in the “pilot” EFT program is being limited to vendors that deal directly with the Traffic Congestion Relief Program (TCRP), Local Assistance or Lease programs. It is the Department’s intent that the EFT payment process will be expanded to include other payment types and vendors in the future as the success of the program is proven.
