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User's Guide V1.1 Page 10 of 24 <br /> • They change banks <br /> • The payee or its bank changes the account number <br /> • The depositor account is closed <br /> • The bank closes — either voluntarily or involuntarily <br /> Payees are required to notify the Department if any of these changes occur. They must complete a Direct <br /> Deposit Sign -Up Form (SF- 1199A) and send it to the Department. (Payees may also use bank direct <br /> deposit sign -up forms). <br /> ACH PROCESSING TIMES <br /> ACH payment requests made before 3:00 p.m. Eastern Time (ET) are deposited the next business day. <br /> ACH payment requests made after 3:00 p.m. ET are deposited within two business days. Payment <br /> requests can be entered for deposit up to 30 calendar days in advance of the payment date and <br /> warehoused in GAPS until the payment date. <br /> Payees should verify deposits before disbursing funds. When verifying ACH payments, payees must tell <br /> their banks to check for direct deposit payments or deposits made through the Automated Clearing <br /> House. There are several varieties of electronic fund transfers. If other terms are used, the bank may <br /> search for the wrong payment(s). <br /> FEDWIRE <br /> The FEDWIRE transmission method is an electronic wire transfer of funds directly from GAPS <br /> through the Federal Reserve Bank network into the payee's bank account. Payees with several awards <br /> usually use this payment method. Note: most banks charge a fee for processing FEDWIRE payments. <br /> ENROLLING IN FEDWIRE <br /> Before a payee can receive FEDWIRE payments, the payee must enroll with the Office of the Chief <br /> Financial Officer, Department of Education. If the bank is on -line with the Federal Reserve Bank, send <br /> the Department a letter (Appendix E of this guide contains a sample copy) containing the following <br /> information: <br /> • Name and address of the payee's bank <br /> • Bank's ABA number <br /> • Contact (name and telephone number at the bank) <br /> • Depositor's account number at that institution, and the bank's telegraphic abbreviation <br /> If the bank is not on -line with the Federal Reserve Bank, send the Department a letter containing the <br /> following information: <br /> • Name of the payee's bank <br /> • Payee's account number at the bank <br /> http: / /e- grants .ed.gov /gapsweb/help /intro.html 6/18/2002 <br />