My company is finally getting some traction on federal grounds maintenance contracts, and we have one small one for a base in Jacksonville that we bid as an SDVOSB set-aside. The contracting officer is trying to get us paid, but the payment office is asking which EFT indicator to use. I know the registration in SAM.gov has our bank account details, but I don't remember seeing an "EFT indicator" when I registered back in March. We usually get paid into a different account for federal work than our day-to-day operations, but I didn't see a way to add a second account when I registered. What is an EFT indicator in SAM.gov, and how does it relate to our CAGE code? Can I add a second bank account for payments without messing up our current contract?
What is the EFT indicator in SAM.gov, and do I need a separate one for each bank account?
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The EFT indicator in SAM.gov identifies which bank account associated with your Unique Entity ID (UEI) should receive payments for a specific contract action. You do not need a separate EFT indicator for each bank account; rather, you select one from the accounts you have already registered. Your CAGE code is tied to your entity registration in SAM.gov, which includes your banking information. When you registered in SAM.gov, you provided details for at least one financial account. If you want to use a different account for federal payments, you can add it to your SAM.gov entity registration under the financial information section. You can have multiple bank accounts listed for your UEI in SAM.gov, and for each contract, the contracting officer will ask you to specify which of these registered accounts to use for payment. Adding a second bank account will not mess up your current contract, but you will need to communicate the correct EFT indicator for that contract to the contracting officer.