FAM No. 99-09 (Federal Acquisition Regulation - Final Rule of EFT)
March 17, 1999
FINANCIAL ADMINISTRATION MEMORANDUM NO. 99-009 (II.J.)
To: Bureau Assistant Directors, Administration
Chief Executive Officer, National Business Center
Bureau Finance Officers
Finance Officer, Financial Management Services
From: William E. Webber /s/
Focus Leader, Asset and Debt Management
Office of Financial Management
Subject: Federal Acquisition Regulation - Final Rule on EFT
The purpose of this Financial Administration Memorandum (FAM) is to provide
the attached copy of the Federal Register Announcement in Vol. 64, No. 42,
March 4, 1999, issuing the final rule for electronic funds transfer
requirements (EFT) in the Federal Acquisition Regulation related to the
implementation of the Debt Collection Improvement Act of 1996. The new
requirements, which affect procurement and contracting offices, should
facilitate finance office's implementation of the EFT requirements of DCIA
by obtaining the bank routing information at the time of procurement.
Please note that the final rule states that payment to vendors (excluding
sole proprietorships) can be withheld pending the vendor's providing the
correct EFT bank routing information (see 52.232-34 (d) Suspension of
Payment). Departmental procedures on EFT waivers, permit waiver of
one-time payments and payments where the cost of collecting the EFT routing
information exceeds the benefits (see FAM 98-034).
Should you have any questions, please contact me on (202) 208-5684.
Attachment
