Enroll in the Vendor Payment Direct Deposit Program
Local Law 43 of 2007
requires any vendor providing the City with services valued at more than $25,000 to enroll in the Vendor Payment Direct Deposit program. We encourage all vendors that do business with the City to enroll in the Direct Deposit program.
Avoid a $3.50 fee per check
Vendors who do not sign up for Direct Deposit are subject to a $3.50 fee per check, a cost that can quickly add up.
Benefits of Direct Deposit (“EFT”) Payments
- Electronic payment is safer and more secure - Paper checks can be lost in the mail, stolen, or delivered to the wrong address.
- Receive payments faster - EFT payments are deposited directly into your bank account. You don’t wait for the check to arrive by mail or for the check to clear after it has been deposited.
- Electronic payment records are available online - Use the City's Payee Information Portal (PIP) for current vendor payment records.
Download and complete the Direct Deposit/Electronic Funds Transfer (EFT) Enrollment/Change of Account Form. You must provide all requested information. Please ask your bank representative for help if you have any questions about your EFT enrollment form.
The application along with the documentation can be mailed or faxed to:
NYC Department of Finance
Electronic Funds Coordinator
66 John Street, 12th Floor
New York, NY 10038
For more information Contact Us.