The California State Board of Equalization (BOE) advises that as of July 1, 2016, for all taxes required to be paid by electronic fund transfer (EFT), the bank that processes EFT payments will change from Citibank to Union Bank. Taxpayers who make Automated Clearing House (ACH) debit payments through the EFT payment processor should review the BOE’s new bank and payment processor http://www.boe.ca.gov/elecsrv/new_eft_pay.htm for instructions. Taxpayers who pay by ACH credit must notify their financial institution of the new bank information to ensure the correct bank is credited.
ACH credit transactions with a settlement date on or after July 1, 2016, using incorrect banking information will be returned and may be subject to penalty and interest charges. Also, any payments to Union Bank prior to July 1, 2016, will be returned and may be subject to penalty and interest charges. For taxpayers who use the BOE’s online payment system to make their payments, no change is required. (News Release 57-16-G, California State Board of Equalization, June 30, 2016.)
Visit our News Library to read more news stories.