Payment Via Electronic Funds Transfer/Bank Bill Pay Services

Online payment systems (i.e., Electronic Funds Transfer (EFT), Bank Bill Pay Services) are an approved method of paying expenses. For Electronic Funds Transfer payments (EFT payments) a separate bank account should be established to restrict Internet access into the general checking account with account signers as listed in the minutes. Use of this account should be limited to online payment collections and online payment of expenses. An “authorization to transfer funds” form must be used to transfer funds into the Internet account from the general checking account. If using the Bank Bill Pay Service, a separate account is advisable. All expenses must be accounted for and reported in the monthly treasurer’s reports. Any dedicated account established requires a separate semiannual audit. An EFT Authorization Form signed by two authorized check signers must be completed for all Electronic Funds Transfer/Bank Bill Pay Service payments in addition to the Payment Authorization Form approving the expenditure.

Cyber Liability Insurance Coverage is needed to protect against possible losses due to the use of Electronic Funds Transfer/Bank Bill Pay Services.

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