Creditors

Electronic Funds Transfer

What is EFT?
Electronic Funds Transfer is a secure transmission of payment information from our bank account to yours.  It is similar to having your paycheck direct deposited.

What are the advantages?

•          There is no cost to you!
•          The check will not be delayed by the post office.
•          The check will not get mangled by the post office.
•          The check will not get mis-delivered by the post office.
•          The check will not get delayed by mechanical problems at the Trustee’s office.
•          The check cannot be intercepted by other parties.
•          Your voucher information can be imported into your accounting software from the 13Network.
•          You can get your voucher information emailed to your office.
•          Your voucher information can be restricted so that others in your office cannot view it.
•          No more finding the endorsement stamp and sending an employee to the bank (or going there yourself).

What are the disadvantages?

•          The “EFT Effective” date is always two business days after our disbursement date.
  • This means that the payment will arrive in your bank anywhere between the Friday after disbursement   to the following Monday (our disbursements are generally on Thursdays), depending on when your bank interacts with The Fed each evening.
•          You may need to work with our office to consolidate name records on our system.
  • Changes to the company name on your Proofs of Claim could result in not getting electronic payments to the new name.

How do I sign up?

•          Visit our website at www.det13.com and download a copy of the EFT Enrollment form from the Creditors page,
            in the Forms & Resources section.
•          Fill out the form and attach a voided check to it.
•          Send it in to our office and we’ll contact you when your account has been set up.
•          Download a copy of the 13Network Agreement from our website and send it in if you want a private account to
           view voucher information.

How long does it take to set up EFT?

•          The cut off for EFT setup is the 15^th of the prior month.
•          We will update your records on our system within a few days of receipt of your request.
•          We will send a “pre-note” file to your bank to confirm that funds can go through.
•          If there are no problems after 10 business days we will switch your account to “live” status and you  will receive
           an electronic disbursement the following month.
  •    Our office will contact you with the first EFT disbursement information for you to confirm.

Can I leave the EFT program?

•          Yes, this is a completely voluntary program.
•          Complete the EFT Termination form and send it in to us.
  •    We will confirm that the account has been returned to normal status.
•          Please send us feedback on why you are leaving the program.

Will I get other checks electronically?

• Only monthly disbursement checks for the account registered with EFT will be deposited electronically.  Checks issued via case close outs will still be issued by paper.