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Electronic Transfer Funds (EFT) Agreement

  1. THE CITY OF AURORA (Purchaser) agrees to remit payment(s) to the seller through electronic funds transfer (EFT) in accordance to the following terms and conditions:

    1. This form is solely for authorization to remit payments via EFT in accordance with the National Automated Clearing House Association's Corporate Trade Payment Rules.

    2. In order to ensure timely and accurate application of each EFT payment, you must submit your Bank Name, Account Name, Account Number, ABA Number, Account Type, and email for remittance notification.

    3. The Purchaser will use Cash Concentration Disbursement (CCD) format to remit to the Seller's financial institution.

    4. The Purchaser will provide email notification to the email address provided by Seller to help ensure each EFT submitted is accurately and promptly applied to the appropriate invoice(s).

    5. Although submitting payment via EFT, Purchaser's payment terms will remain the same in accordance with the Illinois Local Government Prompt Payment Act, except that Purchaser shall not be liable for payments not made within the allotted time due to Seller's bank inability to receive EFT payments, including, without limitation, bank computer software/hardware related issues.

    6. Any cash discount period shall extend to the date that the invoice is paid.

    7. All EFT transactions will be for credit to City of Aurora account(s) only. Adjustments may be made against payments to compensate for payments made in error.

    8. Either Purchaser or Seller may terminate the use of EFT by written notice to the other at least 30 days before the desired termination date.

    9. Written notice to Purchaser shall be address to:
    City of Aurora Purchasing
    44 E Downer Place
    Aurora, IL 60507

    10. Written notice to Seller shall be addressed to Seller Contact Information provided. Seller Bank Information: A voided check or bank documents showing the applicable bank name, routing number, account name and account number into which the funds are to be deposited is required. Deposit slips are not acceptable.

  2. 11. Seller Contact Information:

  3. If you are able to meet all of the EFT requirements and you would like to proceed with being set-up via EFT payment, please electronically sign and date.

  4. (Seller - Company name)

  5. E-Signature

    By typing your name, you agree and acknowledge that 1) your application will not be signed in the sense of a traditional paper document, 2) by signing in this alternate manner, you authorize your electronic signature to be valid and binding upon you to the same force and effect as a handwritten signature, and 3) you may still be required to provide a traditional signature at a later date.

  6. NOTE: Occasionally certain payments to the Seller may be used by the Purchaser to acquire reimbursements from a third party such as the Federal government. By signing this agreement, the Seller agrees, upon the Purchaser's request, to provide a notarized letter which is an acceptable proof of payment, noting the time of service, payment amount and project, if any.

    REQUIRED: Please attach (mail-in, fax, or bring in-person to 44 E Downer Place) a voided check or bank documents showing the applicable bank name, routing number, account name and account number into which the funds are to be deposited. Deposit slips are not acceptable.

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